HKMA ISSUED GUIDANCE PAPER ON TRANSACTION SCREENING,
TRANSACTION MONITORING AND SUSPICIOUS TRANSACTION REPORTING
On 13 December 2013, the Hong Kong Monetary Authority
("HKMA") issued a
guidance paper for authorised institutions
("AIs") on sound industry practices for
transaction screening, transaction monitoring and suspicious
transaction reporting. This paper aims to assist AIs in not only
meeting the legal and regulatory obligations under the Anti-Money
Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance, the Drug Trafficking (Recovery of Proceeds) Ordinance,
the Organised and Serious Crime Ordinance and the United Nations
(Anti-Terrorism Measures) Ordinance, but also enhancing the
effectiveness of measures to mitigate their money laundering and
terrorist financing
("ML"/"TF") risks.
