On 11 October, HKMA, SFC issued AML guidelines on address verification.
- HKMA has been reviewing its anti-money laundering and counter-terrorism guidelines.
- Has agreed to remove the address verification requirement currently in the AML guide.
- FIs will only be required to collect address information without documentary evidence.
- For now absence of verification of address will be regarded as justified under para 1.7.
- Highlights there may be other reasons that AI is required to verify customer address.
Written by ILG