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HK tightens banking rules

HONG KONG (Bloomberg) — Hong Kong Monetary Authority announced revisions to its guidelines for preventing money laundering and terrorist financing relating to wire transfers.An ordering institution in a cross-border wire transfer with a value of HK$8,000 ($1,027) will have to provide the address, date of birth or government identification number of the customer that sends the money, the Monetary Authority said in an e-mailed statement today. The revision will take effect on January 2.

The customer’s name and account number are already required.

“Hong Kong is strongly committed to combating money laundering and terrorist financing,” the authority said in the statement. It hopes “customers will be understanding of these revised requirements.”

Hong Kong has been a member of the Financial Action Task Force on Money Laundering, an inter-government organisation, since 1990.