Hong Kong is a free market economy that places great emphasis on the integrity of its financial system, including the enforcement of AntiMoney Laundering AML and CounterTerrorist Financing CTF regulations. making Hong Kong recognized globally as having one of the most sound regulatory systems and enjoying strict risk monitoring mechanisms.
Such a regulatory environment not only enhances the confidence of market participants, but also provides a solid foundation for the stability and healthy development of Hong Kong's financial market.
In contrast, Singapore's tightening of antimoney laundering measures in recent years has to some extent aroused high net worth individuals' concerns about privacy protection and financial transparency.
It is worth mentioning that last year, due to the discovery of a largescale iran phone number list money laundering network in Singapore, local banks strengthened monitoring of funds flowing into the country, especially stricter scrutiny of banks, family offices and hedge funds. Due to the increased efforts to identify the source of wealth, which also requires clients to undergo more stringent background checks, the onboarding time for new customers has been significantly extended, sometimes even taking one to two years. This not only affects the customer experience, but may also hinder the business development of financial institutions.