In a letter published on 7 April 2020, Carmen Chu – Executive Director of the Hong Kong Monetary Authority (HKMA) – reiterated the importance of remote client on-boarding and simplified due diligence to address the current coronavirus crisis.
After acknowledging that “COVID-19 poses unprecedented challenges, which impact the normal operations of the AML/CFT systems and customer due diligence processes of AIs (Authorised Institutions)”, the letter made reference to the statement published by the Financial Action Task Force (FATF) on 1 April 2020. In its official guidance, the international AML rule-setter encouraged “the use of technology, including Fintech, Regtech and Suptech to the fullest extent possible”.
According to the HKMA announcement, more than 10 Hong Kong retail banks have already introduced remote account opening services since the beginning of the pandemic, while many more financial institutions are actively considering or testing similar approaches.
Today more than ever, ensuring remote account opening and continued access to essential banking services is of utmost importance for financial institutions. If you are looking for a powerful, secure and easy-to-implement digital onboarding solution, Know Your Customer might be the right partner for you. Our team has helped financial institutions across 11 industries and 18 jurisdictions fully and quickly digitise their KYC & KYB process.
To gain a better understanding of how we can enable you to onboard your customers remotely while ensuring on-going regulatory compliance in line with FATF and HKMA guidance, please contact us here.