AML + CTF

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 Charing Yu
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 Charing Yu
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 Virtual Assets Services Providers
FSTB Concludes Landmark Consultation on New Licensing Regime for Virtual Assets Services Providers 1400 788 Basil Hwang

After a three-month consultation (see our previous news update here) on the legislative proposal to introduce a new licensing regime for virtual asset services providers (“VASPs”) with an objective of…

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.

The HKMA publishes AML/CFT Regtech: Case Studies and Insights
The HKMA publishes AML/CFT Regtech: Case Studies and Insights 1400 786 Hauzen
January 2021, the Hong Kong Monetary Authority published a report highlighting the opportunities that Regulatory Technology offers.

Client Misconduct – Money Laundering
Client Misconduct – Money Laundering 1402 790 Hauzen
Legal framework under which businesses and professions operate in respect of client money laundering is examined – there are a number of statutory provisions which must be adhered to.

Investigations and Criminal Offences Relating to AML and CTF
Investigations and Criminal Offences Relating to AML and CTF 1402 790 Hauzen
Sets out the powers of investigators and law enforcers, as well as considering the range of criminal offences that can be committed by financial institutions and their employees.
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