Hong Kong regulator cracks down on money laundering compliance

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?
However, HKMA does not expect the deadline to be a problem for most firms, even though the final rules were released at the end of March. It said the Hong Kong Association of Banks was consulted on two draft versions of the guidelines.

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