AML / KYC

According to a government statement, Hong Kong was found to be particularly effective in the areas of risk identification, law enforcement, asset recovery, counter-terrorist financing and international co-operation.

New guidance for legal, accounting, and trust and company services professionals highlights the importance of identifying and verifying beneficial ownership information through due diligence.

From 5 July, intermediaries can access embedded data in client identity documents for onboarding. Captured biometric data such as a facial image can be used for identity verification.

The materials include high level training videos and detailed guidance on the questionnaire, aimed at facilitating its implementation and halting the decline in correspondent banking.

The FATF needs to recognise that it should be more transparent and be able to provide greater assurance of independence and oversight, says RUSI’s Tom Keatinge.

Regulators need to get up to speed with Facebook’s stablecoin technology so they can assess how it mitigates money laundering risks and where its weaknesses lie, says ComplyAdvantage CEO Charles Delingpole.

A US district court has reportedly found three Chinese state-owned banks in contempt for failing to comply with requests for evidence related to a North Korea sanction probe.

Prime Minister Mahathir Mohamad says Goldman's $240mn offer to compensate Malaysia for the bank's role in the 1MDB scandal is not adequate.

The report on the APG-FATF joint assessment is expected to be published in September, and show that Hong Kong still has some work to do.

The FATF has established binding obligations for countries and virtual asset service providers to comply with AML/CTF standards to prevent the misuse of virtual assets.