Hong Kong Regulatory Body Releases Key Updates on Financial Crime Prevention

Enhancing Fight Against Financial Crimes

In an effort to strengthen its stance against financial crimes, Hong Kong’s regulatory body has released several circulars and guidance papers aimed at informing artificial intelligence (AI) operators of new regulatory requirements in anti-money laundering (AML) and combating the financing of terrorism (CFT).

Key Updates

• The circulars will outline specific requirements that AIs must adhere to.
• Guidance papers will provide practical advice to help operators implement effective policies, procedures, and controls.

Practical Guidance for AI Operators

The guidance papers are designed to address the unique circumstances of each AI operator, providing a roadmap for meeting statutory and regulatory requirements in areas such as:

• Customer due diligence
• Transaction monitoring
• Reporting suspicious activities

Accessing Resources

For convenience, all circulars and guidance papers can be accessed on the regulatory body’s dedicated webpage. Outdated or superseded documents have been relocated to an archive section for reference purposes only.

Maintaining Hong Kong’s Reputation as a Global Financial Hub

These updates are expected to play a crucial role in maintaining Hong Kong’s reputation as a global financial hub while ensuring the integrity of its financial system remains uncompromised.