The Hong Kong Monetary Authority (HKMA) has published key observations and good practices for banks on integrating external source data into AML/CFT control systems to enhance effectiveness.
This guidance was issued as a result of a recent review carried out by the HKMA in response to emerging risks in connection with COVID-19 related fraud as well as mule account networks and activities related to identity theft and investment scams.
Banks should make use of this resource to improve their own Financial Crime Risk Management controls and to train their staff.
Retail Banking
AML/CTF/CPF
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