Country Coverage
AML/CTF Legislation in Hong Kong
Hong Kong flag

AML/CFT regulations in Hong Kong

hong kong monument
MemberCheck's solutions in Hong Kong​
PEP and Sanction Check
Scan your clients aga inst global PEP & Sanction data sources.
Learn More
Adverse Media Check
Keep up to date on risks your clients face by using reliable worldwide media.
Learn More
Customer Identity Verification
Verify the identity of your Hong Kong customers and avoid the consequences of non-compliance.
Learn More
AML Consulting Service
Work with our accredited consultants to assess the money laundering and terrorism financing risk to your business.
Learn More
Jurisdictional Risk Checks
You can ensure compliance and protect your business with our expert Jurisdictional Risk Checks service.
Learn More
Compliance as a Business
Start your own compliance business using MemberCheck's tried and tested compliance software
Learn More

AML/CFT Supervisors in Hong Kong

hong kong continent

As a free-market, international finance and trade hub, Hong Kong faces a significant risk of money laundering carried out  as tax evasion, corruption, fraud and other criminal conducts that take advantage of its developed financial infrastructure. These threats are, to some degree, matched by its sophisticated anti-money laundering and terrorist financing regulations and enforcement.

Hong Kong Monetary Authority (HKMA)​

In practice, the Hong Kong Monetary Authority (HKMA) is the territory’s main Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regulator  and is responsible in maintaining its financial system. Through the enforcement of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) and the Banking Ordinance (BO), the HKMA obliges financial institutions (which include licensed money service operators, authorised insurance brokers, appointed insurance agents, among others) with the following requirements:

  1. Conducting customer due diligence (CDD): CDD needs to be conducted primarily to determine or confirm the customer’s identity, nature of business, and its beneficial owners. An institution should conduct CDD at the beginning of the business relationship, before executing any large transaction (at least HKD 8,000 for wire transfers and HKD 120,000 for any other transactions), and whenever it suspects a customer of engaging in suspicious activity. The HKMA recommends that institutions apply different levels and thoroughness of CDD appropriate to each customer’s risk level. Its guideline lays out simplified due diligence for low-risk customers.
  2. Transaction Monitoring: Institutions must have a monitoring system that catches suspicious transactions such as transfers to high-risk offshore jurisdictions and series of transfers of unusual patterns. If an institution suspects that a customer is engaging in activities that may violate the AMLO, it is required to file a Suspicious Transaction Report (STR) to the Joint Financial Intelligence Unit. The failure to report an offence is punishable to HKD 50,000 in fine and 3-month imprisonment.
  3. Record-keeping: CDD data, transaction records and other relevant information must be kept throughout the course of the relationship with the customer and five years after it has ended. In general, infringement to the AMLO carries a maximum penalty of HKD 1 million in fine and two years of imprisonment. How can MemberCheck help - Common information should be on all country pages (No need to change)Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory law enforcement, and other official lists.Use our sophisticated due diligence workflow and parameter filters to reduce the amount of time you spend sorting through false positives. Our scan history and reporting sections allow you to access client details  at any time required, as well as download PDF reports to prove your due diligence decisions.

How can MemberCheck Help?

Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.

Request a demo

* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

Learn about our easy-to-implement trust solutions
Request a Demo