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Hong Kong has adopted legislation covering anti-money laundering and counter-terrorist financing measures for financial institutions. The ordinance (AMLO) comes into effect on 1 April 2012. The Securities and Futures Commission (SFC) has published a consultation paper on proposals for new guidelines to assist licensed corporations (LCs) and associated entities (AEs) to comply with relevant regulations. The SFC’s key objective is to help LCs and AEs implement policies, procedures and controls in the relevant operational areas. The guidelines will replace the existing Prevention of Money Laundering and Terrorist Financing Guidance Note dated September 2009.
The proposals consist of:
1. Guideline on Anti-Money Laundering and Counter-Terrorist Financing; and
2. the Prevention of Money Laundering and Terrorist Financing Guideline Issued by the SFC for Associated Entities.
The SFC has stated that, in implementing the measures, where regulated entities make departures from the guidance provided, they “should document the rationale for doing so and stand prepared to justify departures”.
Key issues in the proposed guidelines include:
The SFC invites the submission of written comments on the proposals, to be received no later than 18 November 2011.
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