The Hong Kong Securities and Futures Commission has updated its guidelines on combating money laundering and terrorist financing. Two FAQs mentioned virtual assets, reminding financial institutions to pay attention to compliance when transferring virtual assets.
The "Guidelines on Combating Money Laundering" point out that before transferring virtual assets involving not less than HK$8,000, remittance institutions must obtain and record the information of the remitter and payee, and submit the relevant information to the receiving institution securely. The relevant guidelines will take effect on January 1, 2024.
The question set states that before the guidelines come into effect, if a financial institution is unable to submit the required information to the receiving institution immediately, it should submit the required information as soon as practicable after the virtual asset transfer.
The Hong Kong Securities and Futures Commission also reminded that financial institutions relying solely on statements made by customers themselves is not enough to help financial institutions determine the customer's ownership or control of accounts or non-custodial wallets. It reiterated that reference should be made to the examples of confirmation methods listed in paragraph 12.10.6 of the "Guidelines on Combating Money Laundering", namely micropayment testing and message signing testing. (Planet Daily)