The Hong Kong Security Bureau has said that from January 26, remittance agents and money changers must verify customers' identities, and record transactions of HK$8,000 (US$1,024) or more.
They must also verify the identity of anyone who receives a remittance of HK$8,000 or more.
The requirements aim to meet the new international standards with regard to combating money laundering and terrorist financing.
Customers must produce their Hong Kong identity cards - or certificate of identity, document of identity or travel document - for verification, and provide their addresses and telephone numbers.
Agents and money changers must also record and retain the particulars of the sender and the instructor of any transaction if the two are not the same person.
Commissioner for Narcotics, Sally Wong urged the agents in question to include the sender's information in the transactions, in order to facilitate remittance to countries which demand such information.
She said that those who came across suspicious transactions should report them to the joint financial intelligence unit, a team set up jointly by the Police and Customs departments.
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