HONG KONG: AML/CFT MEASURES IN THE PERIOD OF COVID-19

On 30 July, the Hong Kong Monetary Authority issued a Circular to share observations and industry practices to assist Authorized Institutions in developing sustained efforts to cope with the evolving COVID-19 situation and support operational responses which are consistent with the risk-based approach.  Key observations and practices are highlighted in the Circular and further details are summarised in an Annex. It covers CDD under social distancing and travel restrictions, pressure on AML/CFT resources, and emerging threats and changes in customers’ behaviour.

https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2020/20200730e1.pdf

https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2020/20200730e1a1.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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