The HKMA (Hong Kong Monetary Authority) has published in the gazette revised AML/CFT Guidelines for authorised institutions and SVFs (stored value facilities), both set to take effect from 1 November 2018.
This comes as Hong Kong is set to undergo a mutual evaluation in next month to assess the effectiveness of its implementation of FATF (Financial Action Task Force) standards. The SFC (Securities and Futures Commission) has also released a revised version of its own AML/CFT Guideline, gazetted on 19 October and set to take effect in November.
The amendments to the AML/CFT Guidelines aim to better align them with the latest international requirements, such as FATF recommendations to include a new category of international organisation PEPs (politically exposed persons).
Read the original article here: regulationasia.com
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