The Hong Kong Securities and Futures Commission has updated the frequently asked questions on combating money laundering and terrorist financing, listing 2 common questions and answers regarding virtual assets

ChainCatcher news, the Hong Kong Securities and Futures Commission (SFC) has updated its frequently asked questions (FAQs) regarding the fight against money laundering and terrorist financing, listing 2 common questions and answers related to virtual assets, reminding financial institutions to pay attention to compliance when transferring virtual assets. The "Anti-Money Laundering Guidelines" state that for virtual asset transfers involving no less than HKD 8,000, remittance institutions must obtain and record the information of both the remitter and the payee, and securely submit the relevant information to the payee institution before the transfer. These guidelines will take effect on January 1, 2024. The FAQ states that before the guidelines take effect, if financial institutions are unable to immediately submit the required information to the payee institution, they should submit the required information as soon as practicable after the virtual asset transfer, within a feasible range.

The Hong Kong SFC also reminds that financial institutions relying solely on customer self-declarations is insufficient to assist them in determining the ownership or control of accounts or non-custodial wallets. It reiterates that reference should be made to the examples of verification methods listed in section 12.10.6 of the "Anti-Money Laundering Guidelines," such as micropayment testing and message signing testing. (source link)