e20230704 Latest AML/CTF Legislation Updates & Practical Guide to Internal Policies, Procedures and Controls
Please be reminded that this is an e-seminar which can be accessed anytime to obtain the CPD hours.
- Overview and highlights of the updates to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (cap. 615) (AMLO) in Hong Kong
- Guide to Implementing AML/CFT Internal Policies, Procedures and Controls (IPPC) to mitigate money laundering and terrorist financing risks
- Demo on how to effectively comply with AML/CTF requirements (including screening, customer due diligence, and ongoing monitoring)
Part 1: Updates and New Licensing Regimes on AML/CTF Legislation in Hong Kong (in Cantonese)
Hong Kong Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 was passed by the Legislative Council in December 2022. This session will highlight the key updates on the AML/CTF legislation, including the new licensing regimes for virtual asset services providers (VASP) and dealers in precious metals and stones (DPMS) sectors, and some other amendments, such as revised definitions of “politically exposed person” and the beneficial owner of a trust.
Part 2: Implementing AML/CFT Internal Policies, Procedures and Controls (IPPC) (in English)
Professional firms in Hong Kong, including Accountants, Company Secretaries, Lawyers, Registered Estate Agents, Dealers in Precious Metals and Stones, are required, by the AML/CTF Ordinance, to implement internal policies, procedures and controls (IPPC) to mitigate money laundering and terrorism financing risks.
This session shares practical implementation of AML/CTF IPPC that will balance compliance requirements and business needs, with focus on Customer Due Diligence and Ongoing Monitoring.
Part 3: Leveraging Technology to Fulfil AMLO Requirements (in Cantonese)
Using SentroWeb, one of the innovative AML/CTF systems, as a short demo, to show you how technology and Regtech help you effectively manage AML/CTF risks and comply with the regulatory requirements under AMLO.