The past few years have seen an unprecedented number of regulatory updates impacting Hong Kong-based financial institutions.
At the core of these changes are stricter know-your-customer (KYC) rules. Across the financial services industry, participants must better align anti-money laundering (AML) and counter-financing of terrorism (CFT) practices with international standards. They must also standardise their approach to counterparty risk, and implement more robust due diligence practices.
These new rules are challenging how firms operate, and are prompting participants to instil new controls and risk management practices.
To meet these new requirements, firms can leverage cutting-edge technologies that ensure robust monitoring and reporting. Access to accurate and timely data is key. As a smart financial centre, Hong Kong authorities encourage all participants across banking, capital markets and insurance to leverage technological innovation to implement new controls and operating models.
Refinitiv’s suite of risk and compliance solutions, including World-Check Risk Intelligence and Enhanced Due Diligence, allows firms to meet their statutory and governance obligations in a timely and convenient manner, as well as operate efficiently and with agility.
Click here to find out how emerging technologies are transforming the financial industry in Asia and the ways in which Asian regulators are trying to combat the new challenges that come with this transformation.
The World-Check Risk Intelligence database delivers accurate and reliable information and the tools to help meet due diligence obligations, including meeting your requirements under KYC (Know Your Customer) screening and anti-money laundering.
Our Enhanced Due Diligence reporting gives detailed integrity and advanced background checks on any entity or individual – wherever their location. Safeguard your reputation and comply with your regulatory requirements through a detailed review of new and existing customers and third parties.