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The HKMA concluded that the bank failed to continuously monitor business relationships, conduct enhanced duediligence in high-risk situations for a period, and maintain proper records for some customers. In January 2024, nearly US$234 million in illicit inflows were recorded moving through bridges – the highest value to date.
The move aims to protect against financial crime and loss, particularly in digital fraud, and includes broadening DPT service definitions and enhancing Anti-Money Laundering (AML) protocols such as Customer DueDiligence and transaction monitoring. Blockchain.com , formerly known as Blockchain.info, is based in London, England.
The Guidelines also explain how CASPs should adjust their mitigating measures, including the use of blockchain analytics tools. Based on these risk factors, CASPs can develop understanding of their customer base and to identify which part of their business or activity is most vulnerable to ML/TF.
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