[Hong Kong] National security law: Hong Kong banks told by HKMA to report suspicious transactions
SCMP, 20 Oct 2020
Banks operating in Hong Kong have been told to report financial transactions believed to violate the city’s controversial national security law as they would suspected incidents of money laundering or terrorism financing. In a FAQ posted on the Hong Kong Monetary Authority (HKMA)’s website, it advised banks to file suspicious transaction reports for dealings that may be related to violations of the national security law to the city’s Joint Financial Intelligence Unit, an investigative division of the Hong Kong Police Force and the Customs & Excise Department.
Further to the circulars previously issued by the Hong Kong Monetary Authority (“HKMA”) relating to the reform of interest rate benchmarks, HKMA remind authorized institutions to uphold customer protection principles in line with the Treat Customers Fairly Charter and other applicable requirements (e.g. Code of Banking Practice) throughout the processes of the reform and transition of interest rate benchmarks.
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