Hong Kong Monetary Authority Completes Fifth Targeted Review of Anti-Money Laundering Measures for Virtual Asset Service Providers

The Hong Kong Monetary Authority issued a notice to banks and stored value payment facility licensees. Its Financial Action Task Force published the results of last month's plenary meeting, identifying jurisdictions with strategic gaps in the system for combating money laundering, terrorist financing and financing of weapons proliferation. The Hong Kong Monetary Authority stated that the Special Committee has completed the fifth targeted review of virtual assets and virtual asset service providers to implement relevant anti-money laundering measures of the Special Committee standards. The Special Committee will continue to monitor market trends and pay attention to whether there are major developments that require further action. This report will be published in the next few weeks.