The Hong Kong Monetary Authority speaks up for the virtual asset industry.
One size does not fit all when it comes to Anti-Money Laundering , the Hong Kong Monetary Authority reminded banks on April 27. Banks should not make it unnecessarily hard to open accounts.
There has been a wave of companies opening bank accounts in Hong Kong to take advantage of business opportunities, HKMA deputy CEO Arthur Yuen, and “comments” about the difficulties in the process have ensued. Yuen tied the increased activity to the end of the pandemic. While carrying out AML due diligence, banks “should also treat customers fairly and enhance access to basic banking services by businesses through transparent, reasonable and efficient procedures,” Yuen wrote. Furthermore:
“There is no legal and regulatory requirement prohibiting banks in Hong Kong from providing banking services to virtual assets related entities.”
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