Archive for February, 2012

AML Guidelines to be implemented in Hong Kong

Saturday, February 4th, 2012

Having released consultation conclusions, Hong Kong’s Securities and Futures Commission (SFC) has announced that gazetting of a new set of guidelines on anti-money laundering (AML) and counter-terrorist financing (CFT).

The new AML guidelines will take effect on April 1, 2012. They serve to replace the existing Prevention on Money Laundering and Terrorist Financing Guidance Note published by the SFC. The new guidelines provide guidance to the financial sector that include the operation of the relevant provisions of the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO).

Gazetted on July 8, the enacted AMLO was conducted by Hong Kong’s Financial Services and Treasury Bureau with a view not only to enhance the AML/CTF regime in Hong Kong’s financial industry but also meet the latest international standards as regards customer due diligence (CDD) and record keeping.

A consultation launched on September 30 invited comments on the proposed guidelines from industry practitioners, trade associations and professional bodies. It ended on November 18, 2011.

HK to introduce new Anti-Money Laundering Guidelines

Wednesday, February 1st, 2012

Following the release of a set of consultation conclusions, Hong Kong’s Securities and Futures Commission (SFC) has announced the gazetting of a new set of anti-money laundering and counter-terrorist financing guidelines. The new guidelines will take effect on April 1, 2012.

The new guidelines will replace the existing Prevention on Money Laundering and Terrorist Financing Guidance Note published by the SFC. They are to provide guidance to the financial industry relating to the operation of the relevant provisions of the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO).

On July 8, 2011, the enacted AMLO was gazetted after 2 rounds of consultation conducted by Hong Kong’s Financial Services and Treasury Bureau. Its is aimed at enhancing the anti-money laundering and counter-terrorist financing regime in Hong Kong’s financial sector, whoch is neede in order to meet the latest international standards, especially in respect of customer due diligence (DD) and record keeping.

On September 30, 2011, the SFC launched a consultation and welcomed comments on the then-proposed guidelines, and then received submissions until November 18. In general, respondents found the guidelines helpful.