AML + CTF

Recent Enforcement Actions on Money Service Activities
Recent Enforcement Actions on Money Service Activities 1400 788 Hauzen
Efficient and sufficient record-keeping is essential to effective AML/CFT compliance for MSOs, and the C&ED expects adherence with all applicable requirements.

HKMA’s Circular on Access to Banking Services
HKMA’s Circular on Access to Banking Services 1400 788 Byron Chow
Advancing financial inclusion and customer fair treament while authorized institutions adopting a proportionate and effective risk-based approach to AML & CFT.

Passage of AML and CTF (Amendment) Bill 2022
Passage of AML and CTF (Amendment) Bill 2022 1400 788 Hauzen
The amended AMLCTFO will come into effect in phases in 2023Q2 to provide industries concerned with sufficient time to prepare for new regulatory requirements.

SFC Suspends RO of Rifa Futures Ltd for Breach of KYC, AML & CFT Reqs
SFC Suspends RO of Rifa Futures Ltd for Breach of KYC, AML & CFT Reqs 1401 786 Hauzen
SFC taking much stronger approach against failure to adhere to KYC, AML & CFT standards. Mere for-show due-diligence and monitoring checks will not suffice.

SFC Finds Deficiencies in LC’s Standards
SFC Finds Deficiencies in LC’s Standards 1401 786 Hauzen
Are you an LC providing online brokerage, distribution / advisory services in Hong Kong? SFC has a reminder on regulatory standards for you!

Insurance Authority Reprimands & Fines Insurer for Contraventions of AML & CTF Ordinances
Insurance Authority Reprimands & Fines Insurer for Contraventions of AML & CTF Ordinances 1400 788 Hauzen
MetLife (now FWD Life) & Metropolitan Life Insurance (now FWD Life Assurance) fined HK$7 million. It is clear that the IA takes these failures very seriously.

High Court Finds “No Consent Regime” Unlawful
High Court Finds “No Consent Regime” Unlawful 1401 786 Kelly Ho
While the implications of this decision remain to be seen, victims of fraud are still recommended to make a police report in any event.

AML Regtech Lab “AMLab” launched in Hong Kong
AML Regtech Lab “AMLab” launched in Hong Kong 1400 788 Kelly Ho
Through AMLab, it is hoped that the general effectiveness and efficiency of the AML ecosystem in Hong Kong will be improved.  

FSTB Concludes Landmark Consultation on New Licensing Regime for VASPs
FSTB Concludes Landmark Consultation on New Licensing Regime for VASPs 1400 788 Basil Hwang
Proposal has received broad support from respondents, who understand the importance of regulating VASPs in fulfilment of the obligations outlined by the FATF.

U.S. Probing Binance: Implications for Cryptocurrency and Fintech in Hong Kong
U.S. Probing Binance: Implications for Cryptocurrency and Fintech in Hong Kong 1400 788 Hauzen
Cryptocurrency traders and exchanges should learn a lesson from Binance Holdings Ltd and be aware of potential money-laundering issues.
Back to top
Privacy Preferences

When you visit our website, it may store information through your browser from specific services, usually in the form of cookies. Here you can change your Privacy preferences. It is worth noting that blocking some types of cookies may impact your experience on our website and the services we are able to offer.

Click to enable/disable Google Analytics tracking code.
Click to enable/disable Google Fonts.
Click to enable/disable Google Maps.
Click to enable/disable video embeds.
Our website uses cookies, mainly from 3rd party services. Define your Privacy Preferences and/or agree to our use of cookies.