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78.1

Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT)

The HKMA's Role

The Monetary Authority is the relevant authority under the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (“AMLO”) for supervising authorized institutions’ compliance with the legal and supervisory requirements set out in the AMLO and the Guideline on Anti-Money Laundering and Counter-Terrorist Financing (for Authorized Institutions). We require authorized institutions to establish effective systems and controls to prevent and detect money laundering and terrorist financing.

We work closely with other stakeholders within both the Government and the industry to ensure that the banking sector is able to play its gatekeeper role in Hong Kong’s AML/CFT regime.

We participate in various international forums, including the Financial Action Task Force to ensure that our risk-based approach to AML/CFT supervision is consistent with international practice and allows the most effective use of resources to address areas of higher risk.


Regulatory and Supervisory Requirements

(i) For authorized institutions

(ii) Related to stored value facility products


AML/CFT-related Circulars


Sanctions-related Notices and Updates


Disciplinary Action

11 Apr 2017    Coutts & Co AG, Hong Kong Branch

31 Jul 2015    State Bank of India, Hong Kong Branch


Other Publications

1 Feb 2016 Industry Guidance Paper on Combating Trade-based Money Laundering
Developed by the Hong Kong Association of Banks
25 Sep 2015 Regulatory Update on AML/CFT Putting risk-based in AML – The Road Ahead (Presentation slides)
By Stewart McGlynn, Head of Anti-Money Laundering and
Financial Crime Risk, Banking Supervision, Hong Kong Monetary Authority
4 Jun 2015

inSight: Stewart McGlynn on The Importance of Robust Anti-Money Laundering Controls


Useful Links

Asia/Pacific Group on Money Laundering (APG)
Financial Action Task Force (FATF)
Joint Financial Intelligence Unit (JFIU)

Last revision date: 25 May 2017
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