2026年10月23日，汇丰正式推出其首个港元稳定币“汇丰RedCoin”（简称RCHKD）及其白皮书（下称白皮书）。这份文件依照香港《稳定币条例》相关监管指引编制，展现了银行系港元稳定币的产品设计、储备机制、业务流程、技术架构以及各类潜在风险，也为香港银行级稳定币实践提供了重要参考样本。
本文将结合《打击洗钱及恐怖分子资金筹集指引（持牌稳定币发行人适用）》（下称《AML/CFT指引》）和《持牌稳定币发行人监管指引》（下称《监管指引》）的相关要求，从反洗钱合规角度对汇丰RedCoin白皮书进行解读，分析其在客户尽职调查、持续监察、稳定币转账、制裁筛查、技术规范等方面的关键披露。
一、汇丰RedCoin概览
汇丰 RedCoin 是一款港元计价稳定币，与港元保持 1:1 挂钩，每一枚代币都对应一港元，由高质量、高流动性的港元计价储备资产实现全额支撑。需要格外注意的是，该稳定币并不计付利息，代币本身不属于银行存款，不受香港存款保障计划的保护。
在链上实现层面，代币目前运行在汇丰管控的许可式私有区块链之上，兼容以太坊虚拟机（EVM），代币合约遵循行业通用的 ERC‑20 标准，代币的铸造、销毁、转让全部由经过外部审计与正式核验的智能合约进行管控。现阶段采用私有许可链便于银行落实监管合规要求，实现交易管控，整体技术架构预留了未来对接公有区块链的扩展空间。白皮书指出未来公链接入需取得适用批准，并且需配合主动风险监控及区块链分析工具以落实反洗钱要求。
二、客户尽职审查（CDD）
《AML/CFT指引》第4章要求持牌人按风险为本方法执行客户尽职审查，包括识别及核实客户身份、识别实益拥有人、了解业务关系的目的及性质，并在建立业务关系前或执行相当于8,000港元或以上的非经常交易前完成尽职审查。对于以非面对面方式（如手机应用程式或互联网）识别自然人身分的，持牌人须采用金管局认可的数码识别系统，或采用适当科技方案缓解假冒风险（第4.10段）。
"4.10 Where a licensee’s business model involves identifying and verifying the identity of a natural person via non-physical / non-face-to-face channels (e.g. an electronic channel such as mobile applications or internet), a licensee should:
(a) verify the identity of the customer on the basis of data or information provided by a digital identification system that is a reliable and independent source recognised by the HKMA; or
(b) employ appropriate technology solutions to mitigate the risks, particularly for impersonation risks, when identifying and verifying the identity of a natural person customer."
此外，持牌人须识别客户钱包地址并确定客户拥有或控制该钱包（第4.36段），对非托管钱包进行筛查（第4.39段），并对托管钱包提供者或自持钱包拥有人执行风险为本的尽职审查（第4.37段）。
"4.36 A licensee should identify a customer’s wallet address and ascertain that the customer owns or controls the wallet by:
(a) using appropriate confirmation methods to test the ownership (e.g. requesting the customer to perform a micropayment test (i.e. by effecting a transfer of a small amount specified by the licensee) or message signing test (i.e. by signing a message specified by the licensee which is then verified by the licensee));
(b) obtaining evidence from the customer, such as statements of account issued by the custodial wallet provider; or
(c) other appropriate and effective measures.
4.37 If a customer’s wallet is provided by a custodial wallet provider or is a selfhosted wallet used by an FI or a VASP, a licensee should apply the following due diligence measures adopting an RBA: ......
4.39 When a customer uses an unhosted wallet (other than those covered in paragraph 4.37) to receive stablecoins from a licensee at issuance or return stablecoins to a licensee at redemption, the licensee should screen the wallet address in order to identify any transaction involving the wallet address that is directly or indirectly associated with illicit or suspicious activities/sources, or designated parties (see paragraphs 5.4, 5.5, 5.7 and 5.8 for more guidance)......"
而白皮书在第D部分"发行"中明确：成功完成客户尽职审查（CDD）及其他适用的资格审查是客户使用汇丰RedCoin的主要条件。汇丰可采用PayMe及汇丰香港流动理财应用程序或现有的客户尽职审查流程，如非PayMe或汇丰香港流动理财应用程序现有用户，须完成标准数字化开户及客户尽职审查程序，方可开立汇丰RedCoin钱包；所有交易（包括兑换及赎回）均须接受持续的反洗钱及制裁监控。
三、持续监察与交易监察
《AML/CFT指引》第5章要求持牌人从两方面持续监察业务关系：一是持续尽职审查（定期覆核客户资料），二是交易监察（审查交易是否符合对客户的认知，识别复杂、款额异常或模式异常的交易，以及没有明显经济或合法目的的交易）。第5.4段进一步要求持牌人在发行及赎回时实施有效的风险为本交易监察系统，并采纳适当科技方案（如区块链分析工具）追踪稳定币交易纪录、识别与非法或可疑活动/来源或指定人士有关的钱包地址。第5.10段列举了持续监察流通中稳定币的措施，包括以区块链分析工具持续筛查交易及相关钱包地址、将涉制裁或非法活动的钱包地址列入黑名单、在监管或执法要求下迅速冻结稳定币。
"5.4 A licensee should also implement effective risk-based transaction monitoring systems and processes at issuance and at redemption to identify and report suspicious transactions. In addition, a licensee should establish and maintain adequate and effective systems and controls to conduct screening of stablecoin transactions (i.e. transferring stablecoins to or from customers) and the associated wallet addresses. In this connection, the licensee should adopt appropriate technological solutions (e.g. blockchain analytic tools) to:
(a) track the transaction history of stablecoins to more accurately identify the source and destination of these stablecoins; and
(b) identify transactions involving wallet addresses that are directly and/or indirectly associated with illicit or suspicious activities/sources, or designated parties.
5.10 All on-chain stablecoin transactions are recorded instantaneously and automatically on the blockchains on which they take place, and such records provide some traceability of transactions which can aid in identification of potential illicit activities, as well as wallet addresses involved in such activities. Subject to paragraph 5.11, a licensee may apply various measures to guard against the risks of stablecoins being used for illicit activities. Examples of possible measures include: (a) adopting appropriate technological solutions (e.g. blockchain analytic tools) to screen stablecoin transactions and associated wallet addresses beyond the primary distribution venue on an ongoing basis; (b) blacklisting of wallet addresses which are identified to be sanctioned or associated with illicit activities; and/or (c) freezing the stablecoin promptly upon receiving requests from regulators or law enforcement agencies, or court orders."
白皮书声明了持续监控义务，但将区块链分析/KYT监控定位为"潜在的公有区块链连接场景"下的安排，未表明为当前私有许可链环境下的必备措施。在闭环许可链上，所有交易参与方均为汇丰客户，交易记录在汇丰控制的账本上，理论上汇丰可通过其内部系统实现交易监察，对链上分析工具的依赖程度较低。然而，《AML/CFT指引》第5.4段的要求并不因底层技术是公有链还是私有链而免除：持牌人仍须设立充分有效的系统对稳定币交易及相关钱包地址进行筛查，但白皮书未披露其内部交易监察系统的具体安排（如异常交易识别规则、钱包地址黑名单机制、冻结机制的操作流程），仅在第E部分提及智能合约具备"黑名单及白名单等功能"及紧急控制机制（如"暂停"功能）。
四、闭环环境下的稳定币转账
《AML/CFT指引》第6章就《打击洗钱及恐怖分子资金筹集条例》附表2第13A条的"转账规则"作出详细指引：汇款机构在涉及不少于8,000港元的稳定币转账前须取得并记录汇款人及收款人资料，并安全、立即地提交予收款机构；中介机构须保留并传递所需资料；收款机构须取得并记录所需资料，并建立程序识别和处理欠缺所需资料的汇入转账。第6.28至6.39段进一步要求持牌人对稳定币转账对手方执行尽职审查，第6.40至6.41段则规定持牌人与客户非托管钱包之间的转账须取得并记录所需汇款人及收款人资料。
"6.3 A stablecoin transfer is a transaction carried out:
(a) by an institution (the ordering institution) on behalf of a person (the originator) by transferring any stablecoin; and
(b) with a view to making the stablecoin available:
(i) to that person or another person (the recipient); and
(ii) at an institution (the beneficiary institution), which may be the ordering institution or another institution, whether or not one or more other institutions (intermediary institutions) participate in the completion of the transfer.
6.5 Before carrying out a stablecoin transfer involving an amount not less than $8,000, an ordering institution must obtain and record the following originator and recipient information:......
6.18 An intermediary institution must ensure that all originator and recipient information as set out in paragraphs 6.5 and 6.6 which the intermediary institution receives in connection with the stablecoin transfer is retained with the required information submission, and is transmitted to the institution to which it passes on the transfer instruction
6.19 A beneficiary institution must obtain and record the required information submitted to it by the institution from which it receives the transfer instruction
6.32 Stablecoin transfer counterparty due diligence typically involves the following procedures:
(a) determining whether the stablecoin transfer is or will be conducted with a stablecoin transfer counterparty or an unhosted wallet;
(b) where applicable, identifying the stablecoin transfer counterparty (e.g. by making reference to lists of licensed or registered VASPs or FIs in different jurisdictions); and
(c) assessing whether the stablecoin transfer counterparty is an eligible counterparty to deal with and to send the required information to (see paragraphs 6.33 to 6.35).
6.41 Before a licensee sends or receives stablecoins to or from an unhosted wallet on behalf of its customer (i.e. the originator or the recipient, as the case may be), the licensee should obtain and record the following originator and recipient information from the customer:
(a) in relation to a stablecoin transfer to an unhosted wallet,
......
(b) in relation to a stablecoin transfer from an unhosted wallet,
......"
白皮书描述的分销渠道为PayMe及汇丰香港流动理财应用程序，赎回在"同一客户名下的闭环环境内"进行，“不涉及现金、第三方元素或跨境交易”。白皮书将"闭环环境"定义为"限于汇丰或PayMe客户的仅本地使用模式，仅在同一客户名下进行转换（不涉及现金、第三方或跨境环节）。
从白皮书的描述来看，当前模式具有以下特点：
（1）发行与赎回均在汇丰与同一客户之间进行，不涉及不同机构之间的稳定币转账，因此《AML/CFT指引》第6.3段所定义的"稳定币转账"（由某机构代某人将稳定币转出，使该等稳定币可供另一人在某机构使用）在当前的闭环模式下适用范围有限；
（2）稳定币由汇丰以综合钱包托管，客户不直接控制私钥，点对点非托管钱包转账并非当前的主要使用场景。在此架构下，转账规则中关于汇款机构/中介机构/收款机构的大部分义务在现行运营模式下几乎无触发的场景。然而，白皮书提及的P2P（个人对个人付款）及P2M（个人对商户支付）场景涉及不同客户之间的稳定币转移，持牌人便须评估该等交易是否构成第6.3段所指的稳定币转账。现有白皮书未就P2P/P2M交易场景下的转账规则合规安排作出说明。此外，若未来汇丰按第E部分所述连接公有区块链或引入外部参与，转账规则及对手方尽职审查的场景将更为复杂。
五、制裁筛查与恐怖分子资金筹集
《AML/CFT指引》第7章要求持牌人设立及维持有效的政策、程序及管控措施，以遵守恐怖分子资金筹集、金融制裁及武器扩散资金筹集的相关规例；确保数据库备存恐怖分子及指定人士的姓名及详细资料，并综合各份名单；在发行及赎回时根据当时数据库对客户及实益拥有人进行筛查，在切实可行范围内尽快根据新增及更新名单进行筛查，并在执行稳定币转账前对所有有关各方进行筛查（第7.5段）；如筛查识别到可能吻合的姓名，应加强查核并记录结果（第7.8段）。
"7.5 To avoid establishing business relationships or conducting transactions with any terrorist suspects and possible persons or entities including (i) designated persons or entities; (ii) persons or entities acting on behalf or at the direction of the designated persons or entities mentioned in (i); or (iii) entities owned or controlled by any persons or entities mentioned in (i) or (ii), a licensee should implement an effective screening mechanism59, which should include:
(a) screening its customers and any beneficial owners of the customers against the current database at issuance and at redemption of stablecoins;
(b) screening its customers and any beneficial owners of the customers against all new and any updated designations to the database as soon as practicable; and
(c) screening all relevant parties in a stablecoin transfer against the current database before executing the transfer.
7.8 When possible name matches are identified during screening, a licensee should conduct enhanced checks to determine whether the possible matches are genuine hits. In case of any suspicions of TF, PF or sanctions violations, the licensee should make a report to the JFIU. Records of enhanced checking results, together with all screening records, should be documented, or recorded electronically."
白皮书声明其架构设计旨在完全符合包括CFT在内的监管要求；在发行及赎回流程均载明"合规检查"环节，确认所有持有人、转让人及受让人均为汇丰客户，并设置持续筛查程序；在第F部分"反洗钱/打击恐怖分子资金筹集风险"及缓解措施中提及"汇丰实施完善的金融犯罪控制措施，包括客户尽职审查、制裁筛查和交易监控"。
六、技术规范
《监管指引》对稳定币的底层账本选择、代币标准与监管功能扩展、黑白名单模式、访问控制、铸造/赎回流程、密钥管理等方面提出了规范要求：
(1) 分布式账本选择
《监管指引》第6.5.5条明确建议持牌人应详细评估分布式账本的安全性和可靠性（如抵御常见攻击的能力，是否存在代码缺陷、漏洞利用等风险），持牌人还需制定额外的措施，以便在分布式账本出现不可恢复的故障时协助赎回稳定币，确保其稳定币生态系统的安全性与稳定性。
"6.5.5 In respect of each type of specified stablecoins it issues, a licensee should identify the technological elements that would impact the issuance, redemption, as well as the usage of such specified stablecoins. In particular, for distributed ledgers on which the specified stablecoins are to be operated, the licensee should assess the robustness of the technologies......"
汇丰采用了私有、许可式、EVM兼容的区块链，验证节点仅由汇丰营运、无外部参与。其区块链的共识机制为“符合业界标准的安全方法”。
(2) 代币管理
《监管指引》第6.5.3条建议持牌人应明确与其发行的每种特定稳定币全生命周期管理相关的所有操作，涵盖部署、配置、铸造、销毁、升级、暂停、恢复、列入黑名单、移除黑名单、冻结、解除冻结、列入白名单、任何运营钱包的使用等。
"6.5.3 A licensee should identify all operations in relation to the management of the full lifecycle of each type of specified stablecoins it issues, which should cover deploy, configure, mint, burn, upgrade, pause, resume, blacklist, remove blacklist, freeze, remove freeze, whitelist, usage of any operational wallets, etc......."
汇丰采用了ERC-20代币标准，实现了代币生命周期营运及存取控制功能，白皮书明确披露了铸造、销毁、黑名单、白名单、角色权限、冻结功能。
(3) 访问控制
《监管指引》第6.5.3条要求对于稳定币生命周期的每项操作，持牌人应实施相应级别的授权以及触发条件。其中，高风险操作（部署/升级合约、大规模铸造、冻结账户等），可通过多签协议执行。
"6.5.3 ......For each operation, the licensee should put in place a required level of authorisation proportionate to the level of risk of the operation, as well as triggers and conditions for execution. In addition, the licensee should ensure that high-risk operations are designed in a way that prevents any single party from being able to perform the relevant operations unilaterally (e.g. by multisignature protocol)......."
汇丰披露了关键的访问控制要素：行政管理职能由指定的汇丰员工管理执行；关键操作实施职能分离，稳定币整个生命周期通过“请求及授权”程序部署智能合约；钱包由HSM保障，独立编排器管理签署请求、执行政策规则，并在营运、托管、合规之间提供职能分离。
(4) 铸造与赎回机制
《监管指引》要求铸造必须与相关储备资产池的相应增加相匹配，发行人应仅在收到资金和有效的发行请求后向其客户发行。在持牌人收到有效的赎回请求后，在切实可行的范围内尽快并在收到请求后的一个营业日内处理。储备资产的提取必须与流通中的指定稳定币面值的相应减少相匹配。
"3.2.1 Section 11 of Schedule 2 to the SO stipulates that the issue of a specified stablecoin by a licensee must be prudent and sound, having regard to the purpose, business model and operational arrangement of the issue. ...... The funds received from customers as part of the issuance process should be denominated in the respective referenced currency of the specified stablecoins issued by the licensee, or if there is more than one referenced currency, denominated in the referenced currencies in the same ratio as that to which the specified stablecoins are referenced. Any minting of specified stablecoins during the process should be matched by a corresponding increase in the relevant reserve assets pool.
3.3.5 To honour a valid redemption request, a licensee should transfer funds in an amount equal to the par value of the specified stablecoins received from the specified stablecoin holder, after deducting any fees as mentioned in paragraph 3.3.3, to the specified stablecoin holder. ...... The licensee should ensure that a draw-down of its reserve assets for honouring a redemption request is matched by a corresponding decrease in the par value of the outstanding specified stablecoins in circulation."
白皮书披露的铸造流程为：客户指示→立即从港元钱包/账户扣款→合规检查→等值港元转入独立储备账户（储备增加）→铸造代币并分配至分销渠道。即法币先入储备账户，后铸造代币。
赎回流程为：客户指示→立即从客户RedCoin钱包扣除相应代币→合规检查→智能合约触发销毁→同时系统指示从独立储备账户释放等值港元→通过内部支付通道转入客户的 PayMe 应用程序港元钱包或汇丰银行账户。此处白皮书描述为销毁与储备同时释放，但可能存在链上或内部转账失败的情形，应考虑销毁与入账之间是否存在条件触发或回滚机制。
结语
汇丰RedCoin白皮书展现了一个以认可机构为依托、以私有许可链和闭环托管为技术架构的稳定币方案，重点披露了其在储备资产、发行赎回、底层技术及风险，并就客户尽职审查、持续反洗钱及制裁监控、储备资产隔离托管等方面进行了原则性披露，未详尽展开P2P/P2M场景下的转账规则适用、以及未来公有链扩展的具体合规安排。汇丰RedCoin的闭环托管模式在现阶段具有较低的风险敞口，但随业务场景扩展，其反洗钱合规制度的完整性与有效性将在实际业务开展中得到进一步验证。
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