HKMA commended on its AML and CTF processes by global standard-setter

September 5, 2019

Hong Kong Monetary Authority (HKMA) and the country’s banking sector commended on its AML and terrorist financing risks protocols by task force.

The AML/CTF global standard-setter Financial Action Task Force (FATF) and Asia/Pacific Group on Money Laundering, the regional body, have praised the work of the HKMA after a review of the AML/CFT regime. The comments came after a mutual evaluation report of the country’s processes, stating it is compliant and effective overall.

This means Hong Kong is the first jurisdiction in the Asia-Pacific region to achieve an overall compliant result in the current round of FATF evaluation.

This report recognises the risk-based supervision from the HKMA, as wells as the risk understanding from banks and their implemented measures.

HKMA deputy chief executive Arthur Yuen said, “The FATF report is a welcome endorsement that the HKMA’s risk-based AML/CFT supervision is effective and in line with international standards.

“The positive assessment results reflect strong commitment of resources and the amount of work over a number of years by the Hong Kong banking sector and the HKMA. We will work closely with the industry and various stakeholders to sustain the efforts in meeting international standards and addressing ML/TF risks as they evolve in the years to come.”