Monthly Archives: March 2015

Legal and regulatory requirements

Legislation

Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615)
Drug Trafficking (Recovery of Proceeds) Ordinance (Cap. 405)
Organized and Serious Crimes Ordinance (Cap. 455)
United Nations (Anti-Terrorism Measures) Ordinance (Cap. 575)

Guidelines on anti-money laundering and counter-terrorist financing

Guideline on Anti-Money Laundering and Counter-Terrorist Financing (July 2012)
Prevention of Money Laundering and Terrorist Financing Guideline issued by the Securities and Futures Commission for Associated Entities (April 2012)

Fining Guidelines

SFC Disciplinary Fining Guidelines issued under the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615)

FAQs

FAQs on Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (March 2012)




Anti-money laundering & counter-terrorist financing

International standards of anti-money laundering and counter-terrorist financing are set by the Financial Action Task Force (FATF). As a member of the FATF, Hong Kong implements recommendations promulgated by this inter-government body to combat money laundering and terrorist financing.

In Hong Kong, legislation dealing with money laundering and terrorist financing includes: the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO), the Drug Trafficking (Recovery of Proceeds) Ordinance (DTROP), the Organized and Serious Crimes Ordinance (OSCO) and the United Nations (Anti-Terrorism Measures) Ordinance (UNATMO).

The AMLO, which came into effect on 1 April 2012, imposes on financial institutions requirements regarding customer due diligence and record-keeping whereas the DTROP, OSCO and UNATMO require reporting of suspicious transactions regarding money laundering or terrorist financing.

The SFC’s Guideline on Anti-Money Laundering and Counter-Terrorist Financing provides practical guidance to assist licensed corporations and their senior management in designing and implementing their own anti-money laundering and counter-terrorist financing policies, procedures and controls so as to meet the AMLO and other relevant legal and regulatory requirements.