Hong Kong Introduces New Anti-Money Laundering Rules
According to the announcement made by Hong Kong’s Security Bureau on January 26, 2007, customers’ identities and record transactions of USD 1 026 or more must be verified by remittance agents and money changers. The new requirements were worked out to meet the new international standard of combating money laundering and terrorism financing.
So, from January 26, 2007 on, customers must produce one of the following documents – Hong Kong identity cards, certificates of identity, documents of identity or travel documents – to reveal their identity, which must be verified. Also, customers must indicate their addresses and telephone numbers.
Agents and money changers now also must record and retain the particulars of the sender and, if the 2 are not the same person, of the instructor of any transaction.
Commissioner for Narcotics, Sally Wong, asked agents and money changers to include the sender’s information in the transactions, so that remittance would be provided to countries demanding such information. Wong also urged persons who came across suspicious transactions to report to the joint financial intelligence unit, which is a team set up jointly by Police and Customs departments.