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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 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-Financing of Terrorism (for Authorized Institutions). We require authorized institutions to establish AML/CFT policies, procedures and controls to manage and mitigate money laundering and terrorist financing risks. The HKMA’s AML/CFT policy and supervisory approach of authorized institutions are set out at Supervisory Policy Manual (SPM): AML-1 “Supervisory Approach on Anti-Money Laundering and Counter-Financing of Terrorism”.

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

    Related to stored value facility products


(ii) For stored value facility licensees

  • AML/CFT-related information for stored value facility licensees can be found in this webpage.

Industry Guidance

31 Oct 2018 Frequently Asked Questions in relation to Anti-Money Laundering and Counter-Financing of Terrorism
Developed by the Hong Kong Association of Banks
1 Feb 2016 Industry Guidance Paper on Combating Trade-based Money Laundering
Developed by the Hong Kong Association of Banks

AML/CFT-related Circulars

Sanctions-related Notices and Updates

Disciplinary Action

28 Dec 2018    JPMorgan Chase Bank, National Association, Hong Kong Branch

17 Aug 2018    Shanghai Commercial Bank Limited

11 Apr 2017    Coutts & Co AG, Hong Kong Branch

31 Jul 2015    State Bank of India, Hong Kong Branch

Other Publications

10 Oct 2018 Regulatory Update on AML/CFT
By Carmen Chu, Executive Director, Hong Kong Monetary Authority
7 Jun 2018 Regulator’s Dialogue: Recent Developments in Supervision of Anti-Money Laundering and Counter-Financing of Terrorism
30 Apr 2018 Hong Kong Money Laundering and Terrorist Financing Risk Assessment Report
23 Apr 2018 Regional Approaches to Global AML Challenges
by Arthur Yuen, Deputy Chief Executive, Hong Kong Monetary Authority
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: 31 December 2018
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