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Hong Kong Monetary Authority (HKMA) reminds banks that one size does not fit all when it comes to Anti-Money Laundering (AML) procedures. Amid a wave of companies opening bank accounts in Hong Kong due to increased business opportunities, HKMA Deputy CEO Arthur Yuen has urged banks to ensure fair treatment of customers and enhance access to basic banking services through transparent and efficient procedures.
Yuen also highlighted that there is no legal or regulatory requirement prohibiting Hong Kong banks from providing services to virtual assets (VA) related entities. In fact, the Hong Kong government promotes the development of the virtual asset sector and has a regulatory framework in place to protect investors. Yuen expects that regulated virtual asset service providers (VASPs) will be able to successfully apply for a bank account through a reasonable process.
The HKMA will release a circular containing guidance and best practices, and a roundtable will be held on April 28 for the banking industry and VASPs to exchange views.
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