Hong Kong’s guidelines for AML/CFT

The Securities and Futures Commission (SFC), of Hong Kong, is consulting on proposed amendments to the territory’s anti-money laundering and counter-terrorist financing (AML/CFT) guidelines. These would expand the definition of ‘politically exposed persons’ subject to special AML/CFT checks to customers given a prominent function by an international organisation. The reforms would also streamline identification and verification rules for onboarding customers to allow more flexible approaches that reflect the AML/CFT risk in handling their business.