The Hong Kong Monetary Authority (“HKMA”) has published a circular to Authorised Institutions (“AI”) collating recent observations and good practice recommendations for corporate customer onboarding.

The circular highlights three areas for consideration during the onboarding process:

  • Initial customer contact, influenced by staff training and awareness;
  • Understanding of market developments, including supporting virtual asset service providers [VASPs] and other new and developing sectors; and
  • Risk management vs wholesale de-risking, where AIs should avoid the latter as to provide potential customers and legitimate businesses fair access to banking services.

Firms with operations in Hong Kong can read the HKMA circular to gain further insights into fair and effective corporate customer onboarding.

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