Hong Kong Securities and Futures Commission: Adding a chapter on addressing the money laundering risks of virtual assets in the regulations related to "combating money laundering and terrorist financing."

2024-06-19 12:41:26

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ChainCatcher news, the Hong Kong Securities and Futures Commission (SFC) today published the "2023-24 Annual Report," which mentions the addition of a new chapter to the "Anti-Money Laundering and Counter-Terrorist Financing Ordinance." This chapter aims to assist the industry in addressing the money laundering and terrorist financing risks arising from the unique characteristics of virtual assets when engaging in virtual asset-related businesses, ensuring compliance with relevant statutory and regulatory requirements.

In addition, in November 2023, the Hong Kong SFC held two anti-money laundering/counter-terrorist financing webinars, providing nearly 1,800 management and compliance personnel from licensed institutions with the latest information on key regulatory developments and recent observations in regulation. External speakers shared the latest trends in scams and provided insights on suspicious transaction reporting, outlining the situation regarding the proliferation financing risks in Hong Kong.

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