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

Related Articles
News

US Agencies Consult on Capital Treatment of Land Development Loans

US Agencies (FDIC, FED, and OCC) issued a proposed rule on the treatment of loans that finance the development of land for purposes of the one- to four-family residential properties exclusion in the definition of high volatility commercial real estate (HVCRE) exposure in the regulatory capital rule.

July 12, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Second Update for July 2019

Under the Single Rulebook question and answer (Q&A) updates for this week, EBA published answers to five questions related to supervisory reporting.

July 12, 2019 WebPage Regulatory News
News

ESMA Updates Manual for European Single Electronic Format in EU

ESMA updated the reporting manual for European Single Electronic Format (ESEF).

July 12, 2019 WebPage Regulatory News
News

FED Updates Supplemental Instructions for Reporting Form FR Y-9C

FED updated the supplemental instructions for FR Y-9C reporting.

July 12, 2019 WebPage Regulatory News
News

EBA Publishes Report on Monitoring Implementation of LCR in EU

EBA published its first report on the monitoring of the implementation of liquidity coverage ratio (LCR) in EU.

July 12, 2019 WebPage Regulatory News
News

EIOPA Consults on Reporting and Disclosures Under Solvency II Review

EIOPA launched a consultation package on supervisory reporting and public disclosure in the context of its work linked with the 2020 Solvency II review.

July 12, 2019 WebPage Regulatory News
News

APRA Applies Additional Capital Requirements to Three Australian Banks

APRA is applying additional capital requirements to three major banks in Australia to reflect higher operational risk identified in their risk governance self-assessments.

July 11, 2019 WebPage Regulatory News
News

IMF Report on 2019 Article IV Consultation on Euro Area Policies

IMF published its staff report in context of the 2019 Article IV consultation on euro area policies with member countries.

July 11, 2019 WebPage Regulatory News
News

FSB to Survey Practices on Cyber Incident Response and Recovery

FSB launched a survey on the industry practices on cyber incident response and recovery.

July 11, 2019 WebPage Regulatory News
News

ECB Appoints New Members of Supervisory Board

The Governing Council of ECB appointed Edouard Fernandez-Bollo, Kerstin af Jochnick, and Elizabeth McCaul as representatives to the Supervisory Board of ECB Banking Supervision, for a five-year non-renewable term.

July 11, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3441