HKMA published circular on AML/CFT or Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Bill 2017 published in the Government Gazette. The government proposed to implement the amendments on March 01, 2018, subject to the bill being passed by the Legislative Council. The bill will be introduced into the Council on June 28, 2017.
The government has also proposed improvements to the AML/CFT (Financial Institutions) Ordinance (Cap. 615) to ensure that it is in line with the latest Financial Action Task Force (FATF) requirements. The bill contains certain amendments that are more relevant to the banking sector. Following are the primary objectives of the bill:
To apply statutory customer due diligence and record-keeping requirements to solicitors, accountants, real estate agents, and trust or company service providers when these professionals engage in specified transactions
To introduce a licensing regime for trust or company service providers to require them to apply for a license from the Registrar of Companies and satisfy a fit-and-proper test before they can provide trust or company services as a business in Hong Kong
Keywords: HKMA, Hong Kong, AML/CFT, Asia Pacific, Banking, FATF, Securities
Previous ArticleECB Issues the Results of Financial Stability Review
Next ArticleESMA Updates Q&A on the Benchmarks Regulation
EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).