Featured Product

    HKMA Updates Guide on Enhanced Competency Framework for AML/CFT

    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

    BaFin Publishes Submission Deadlines Under Solvency II

    BaFin published quarterly and annual submission deadlines on the Solvency II reporting page on its website.

    February 25, 2020 WebPage Regulatory News
    News

    RBNZ to Address Cyber Risk Through Risk Management Guidance

    RBNZ announced that it is strengthening its efforts to enhance resilience of the financial system from cyber threats, including developing risk management guidance and promoting information-sharing in collaboration with industry and other public organizations.

    February 25, 2020 WebPage Regulatory News
    News

    FSI Convened Meeting on Climate Risk Assessment in Financial Sector

    The Financial Stability Institute (FSI) of BIS issued a summary of the meeting held in Basel from February 20-21, 2020.

    February 24, 2020 WebPage Regulatory News
    News

    BCBS Updates Basel III Monitoring Workbook in February 2020

    BCBS updated the workbook for Basel III monitoring to version 4.1.2, for the collection of December 2019 data.

    February 24, 2020 WebPage Regulatory News
    News

    Bank of Finland Updates Validation Checks for AnaCredit Reporting

    Bank of Finland published Version 1.8 of the validation checks for credit data collection under the AnaCredit Regulation.

    February 24, 2020 WebPage Regulatory News
    News

    APRA Plans to Assess Climate Risks and Develop Prudential Guidance

    APRA published a letter that outlines its plans to undertake a climate change vulnerability assessment and develop a prudential practice guide focused on climate-related financial risks.

    February 24, 2020 WebPage Regulatory News
    News

    FDIC Publishes Guide to Help with Third-Party Risk Management

    The technology lab of FDIC (FDiTech) published a new guide to help financial technology, or fintech, companies and others partner with banks.

    February 24, 2020 WebPage Regulatory News
    News

    PRA Removes References to LIBOR in SoP on Pillar 2 Capital and SS20/15

    PRA published a policy statement (PS3/20) that provides updates to certain supervisory statements (SS20/15, SS28/15, and SS35/15) and statements of policy (SoP).

    February 24, 2020 WebPage Regulatory News
    News

    APRA to Transition to Annual Stress Testing of Large Banks in 2020

    APRA published key findings of the stress testing assessment conducted on authorized deposit-taking institutions.

    February 21, 2020 WebPage Regulatory News
    News

    BoE Updates Version 1.1.0 of Taxonomy for Form AS and Form FV

    BoE published the statistical notice 2020/01 that provides an update to Version 1.1.0 of the taxonomy for forms AS (MFI holdings of securities collection) and FV (Financial Vehicle Corporations return) and the associated validation rules.

    February 21, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4729