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Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Amendment of Schedule 2) Notice 2015 gazetted
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     The Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Amendment of Schedule 2) Notice 2015 was gazetted today (January 23) so as to enable financial institutions to continue to carry out relevant customer due diligence measures by means of specified intermediaries.

     The Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO) stipulates a set of customer due diligence (CDD) and record-keeping measures to be undertaken by financial institutions, in line with the recommendations of the Financial Action Task Force, the standard-setting body for the global efforts in anti-money laundering and counter-terrorist financing.  Such requirements are set out in Schedule 2 to the Ordinance.  

     The Schedule contains an interim provision to enable a financial institution to carry out CDD measures by means of intermediaries (including solicitors, certified public accountants and a current member of the Hong Kong Institute of Chartered Secretaries practising in Hong Kong, as well as a registered trust company carrying on trust business in Hong Kong), on the condition that these intermediaries have adequate procedures in place to prevent money laundering and terrorist financing.  This interim provision is due to expire after March 31, 2015.

     The Notice amends the relevant provision so that financial institutions may continue to carry out the CDD measures through the relevant intermediaries for three additional years until March 31, 2018.

     A government spokesperson said, ˇ§We believe that the continuation of the interim arrangement will facilitate financial institutions and relevant intermediaries to continue to work together to comply with the CDD requirements applying to financial institutions under the AMLO as appropriate.ˇ¨

     The Notice will be tabled before the Legislative Council at its sitting on January 28, 2015 for negative vetting.

Ends/Friday, January 23, 2015
Issued at HKT 10:00

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