The SFC guideline lists red flags such as privacy coins, mixing services, and unexplained use of unhosted wallets. Travel Rule information is required for transfers of HKD 8,000 or more, and suspicious transaction reports go to the Joint Financial Intelligence Unit.
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Glossary term
What is SFC?
The SFC, or Securities and Futures Commission, licenses and supervises virtual asset trading platforms in Hong Kong under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. Its AML guideline for licensed virtual asset service providers, in force since 1 June 2023, sets requirements for due diligence, wallet screening, Travel Rule compliance, and suspicious transaction reporting.