Hong Kong

SFC launches consultation on Anti-Money Laundering Guidelines

The Securities and Futures Commission (SFC) has launched a three-month consultation on proposals to amend its anti-money laundering and counter-financing of terrorism (AML/CFT) guidelines.

The proposed amendments would facilitate the adoption of a risk-based approach to AML/CFT measures by the securities industry, the SFC reported in a press release.

They address some areas for enhancement identified in the latest Mutual Evaluation Report of Hong Kong published by the Financial Action Task Force (FATF). The amendments also include additional measures which would help mitigate risks associated with business arrangements such as cross-border correspondent relationships, says SFC.

Ashley Alder, Chief Executive Officer, SFC, said: “The proposed amendments align with the latest international standards and provide useful guidance for firms to apply these important measures in a more risk-sensitive manner. This will help the securities industry combat money laundering and terrorist financing more effectively, having regard to the specific nature of the risks they face.”