The Hong Kong Monetary Authority (HKMA) has updated its frequently asked questions (FAQs) on customer due diligence (CDD), which supersede the FAQs published on 29 September 2016.

The FAQs address issues concerning the interpretation of CDD-related legal and regulatory requirements in the context of problems faced by authorised institutions in establishing and maintaining business relationships with customers.

The updated FAQs provide further guidance on areas such as the types of documents that can be used for verifying a customer’s identity (including the identity of a corporate customer), certification of documents provided by a customer, as well as persons who are regarded as purporting to act on behalf of a corporate customer.

A copy of the updated FAQs is available. http://bit.ly/2qwW6AF