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Financial Action Task Force (FATF)

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An Overview of Hong Kong’s Anti-Money Laundering & Counter-Terrorist Financing Regime (AML & CTF Regime) Michael YIP Assistant Secretary Financial Services and the Treasury (Financial Services) 30 November 2011. Financial Action Task Force (FATF). Inter-government organization

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An Overview of Hong Kong’sAnti-Money Laundering & Counter-Terrorist Financing Regime(AML & CTF Regime)Michael YIPAssistant SecretaryFinancial Services and the Treasury(Financial Services)30 November 2011
financial action task force fatf
Financial Action Task Force (FATF)
  • Inter-government organization
  • 34 members + 2 regional organizations
  • International AML/CFT standard setter

(40 + 9 Recommendations)

  • Develop and promote policies
fatf mutual evaluation 2008
FATF Mutual Evaluation 2008

Recognized the strengths of HongKong’s AML/CFT regimes

Also identified areas requiring improvements

- CDD & record-keeping requirements

- enforcement powers of financial regulators

- criminal & supervisory sanctions

- remittance agents & money changers

3

slide4
1989 Drug Trafficking (Recovery of Proceeds) Ord.- 1994 Organized & Serious Crimes Ord.- 2002 United Nations (Anti-Terrorism Measures) Ord.

HK AML & CTF Regime - Overview

- 2011 Anti-Money Laundering & Counter-Terrorist Financing (Financial Institutions) Ord.

anti money laundering counter terrorist financing financial institutions ord amlo
Anti-money Laundering & Counter-Terrorist Financing(Financial Institutions) Ord. (AMLO)
  • To be effective : 2012-04-01
  • Guiding principles for AMLO :

- conform with FATF standards

- compliance cost minimized

- partnership approach to assist market

5

scope
Scope

AMLO apply to whom :

- Licensed corporations (by SFC)

- Authorized institutions (by HKMA)

- Insurers, insurance agents & brokers (by OCI)

- Remittance agents & money changers (by C&E)

6

customer due diligence
Customer Due Diligence

FI is required to :

- identify the customer & verify identity

- identify beneficial owner & verify identity

- understand the purpose & business nature

of the business relationship

When : open account, occasional transaction > $120000, wire transfer > $8000, or suspect/doubt ML

7

ongoing monitoring
Ongoing Monitoring

CDD up-to-date & relevant

Consistent & risk profile

Identifying transactions

- complex, unusually large, unusual pattern

- no apparent economic or lawful purpose

8

record keeping
Record-keeping

FIs must keep records of the following for six years :

* documents/information obtained during CDD

* transaction records

9

proper internal control
Proper Internal Control

FIs to take all reasonable measures

- proper safeguards to prevent contravention

- mitigate ML & TF risk

10

independent review tribunal
Independent Review Tribunal

Proper procedural safeguards and checks & balances

- S.21 disciplinary sanctions & other specified

decisions of financial regulators

11

guidelines etc
Guidelines, etc

Financial regulators:-

- to issue AML guidelines, circulars, etc.

- to conduct AML seminars & other briefings

to assist private sectors to comply.

12

slide13
Gatekeeper

Role of Financial Sectors

slide14
Gatekeeper

Role of Financial Sectors

How to achieve:-

  • Sound legal & regulatory regime
  • Conform with FATF Standards
  • Partnership approach
  • Enforcement & sanction
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