Hong Kong regulator cracks down on money laundering compliance


HONG KONG -- Banks in the Special Administrative Region are up against a tight deadline for implementing new anti-money laundering requirements, but the Hong Kong Monetary Authority (HKMA) is not going to move its September cut-off date. Financial companies that cannot meet the deadline should contact the regulator for an extension. "We have opted for a case-by-case review as opposed to delaying all institutions in the implementation," an HKMA official told Operational Risk.

A realistic deadline

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