A wide presumption of Two International Finance Center, HSBC office and Bank of China successful Hong Kong, China, connected July 13, 2021. (Tyrone Siu/Reuters)
HONG KONG—Banks successful Hong Kong are advised to disclose related spot of clients who are recovered successful breach of the city’s “national information law”, according to the latest guidelines from its banking association.
The proposal was introduced successful an Oct. 22 update of the Hong Kong Association of Banks’ (HKAB) often asked questions successful narration to anti-money laundering and counter-financing terrorism, which was published connected the website of the Hong Kong Monetary Authority (HKMA).
Banks should disclose spot held by immoderate lawsuit who is arrested oregon charged for an discourtesy nether the “national information law” oregon erstwhile they person cognition oregon suspicion that a spot is “offence related property” aft receiving accusation from instrumentality enforcement agencies, per the clause.
An HKMA spokesperson said HKMA and the banking assemblage sermon implementation issues with stakeholders including instrumentality enforcement agencies successful the anti-money laundering and counter-financing coercion areas from clip to clip per planetary practices.
“The FAQs are updated successful enactment with our accustomed signifier successful responding to questions raised by banks,” said the spokesperson.
The HKAB did not instantly respond to a Reuters petition for comment.
The Chinese regime imposed the “national information law” successful Hong Kong connected June 30 past year, making thing Beijing regards arsenic subversion, secession, terrorism, oregon colluding with overseas forces punishable by up to beingness successful prison.
Three months later, the banking relation added 5 clauses to the FAQs regarding anti-money laundering and counter-financing terrorism, advising banks of their reporting requirements nether the law, however they should grip instrumentality enforcement requests, and guidelines regarding group-wide accusation sharing.
Transactions suspected to beryllium linked to the instrumentality should beryllium treated the aforesaid arsenic transactions suspected to beryllium wealth laundering oregon financing terrorism, according to the clauses astatine the time.
The FAQs are not authoritative guidelines but use to some Hong Kong and planetary banks.