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March 22, 2018

HKMA updated the guide to the enhanced competency framework on anti-money laundering and counter-financing of terrorism (AML/CFT), which provides details of the application of this framework. The HKMA circular announced that the professional level of the enhanced competency framework on AML/CFT will launch on April 03, 2018. The enhanced competency framework on AML/CFT sets out the competency standards for AML/CFT practitioners in the Hong Kong banking industry.

As the Supervisory Policy Manual module CG-6 on “Competence and Ethnical Behavior” emphasizes the importance of ensuring continuing competence of staff members, authorized institutions are encouraged to adopt the enhanced competency framework on AML/CFT as a benchmark for enhancing the level of professional competence of banking practitioners responsible for AML/CFT compliance roles. Apart from supporting the staff to attend training and examination that meet the enhanced competency framework benchmark, authorized institutions are also advised to keep records of the relevant training and qualification of their staff and to provide them with necessary assistance in relation to applications for grandfathering, exemption and certification, and fulfillment of ongoing continuing professional development training under the framework.

In its supervisory process, HKMA will take into account the progress of implementation of the enhanced competency framework on AML/CFT by authorized institutions and their effort in enhancing staff competence and ongoing development. The Hong Kong Institute of Bankers (HKIB) is the administrator of the competency framework on AML/CFT, whose major roles in this respect include administering the competency program and examinations, handling certification, exemption and grandfathering applications, and maintaining a public register of qualified certification holders.

Keywords: Asia Pacific, Hong Kong, Banking, AML/CFT, Enhanced Competency Framework, Guide, HKMA

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