Anti-Money Laundering

Many organisations globally are faced with a multitude of money laundering and terrorism financing risks. The Hong Kong AML-CTF module offers practical guidance on the identification, mitigation and the management of their money laundering and terrorism financing risks.

Module Scope:

Core Obligations

Overview
Requirement for AML/CFT Risk-Based Assessment
AML/CFT Systems for Designated Non-Financial Businesses and Professions (DNFBPs)
Customer Due Diligence (CDD) Requirements
Simplified Customer Due Diligence in Low Risk Cases
Enhanced Due Diligence Measures in High Risk Cases
Ongoing Monitoring of CDD
Prohibition on Terrorist Financing, Financial Sanctions and Proliferation Financing
Reporting Suspicious Transactions (ST) and Responding to Law Enforcement Requests
Record Keeping
Staff Training
Wire Transfers
Correspondent Banking Relationship
Establish Private Banking CDD

Legal Landscape

Anti-Money Laundering and Counter-Terrorism Financing 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)
Payment Systems and Stored Value Facilities Ordinance (Cap. 584)
Securities and Futures Ordinance (Cap. 571)
and 29 other compliance sources

Regulators

Hong Kong Monetary Authority
Hong Kong Securities and Futures Commission
Commissioner for Customs and Excise
and 5 other regulators

Webinars

Anti-Money Laundering Webinars | Dominic Wai

Dominic outlines the current AML-CFT regulatory landscape and environment in Hong Kong, highlights the new trends happening in AML-CFT and explains the penalties for breaching AML-CFT laws in Hong Kong.

View Webinar

Legal Expert

Partner, ONC Lawyers

Dominic Wai

Before joining the legal profession, DOMINIC WAI has worked in the banking sector and as well as in the Independent Commission Against Corruption (ICAC).Dominic’s practice focuses on advising clients on matters relating to anti-corruption, white collar crime, law enforcement, regulatory and compliance matters in Hong Kong, including advice on anti-money laundering. He also handles cases involving corporate litigation, shareholders’ disputes and insolvency matters, defamation cases, domestic and international arbitration cases, cybersecurity, data security and privacy...