There has been increased scrutiny of anti-money laundering/counter terrorist financing controls, especially in international financial centres. In Hong Kong, non-compliance with the customer due diligence and on-going monitoring requirements in the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) is potentially a criminal offence and hence AML/CTF matters remain a focus for financial institutions. Under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, the licensing regime for Virtual Asset service providers (“VASP”) as well as other amendments on AML/CTF requirements, will take effect on June 1, 2023. This expansion of the AML regime will increase Hong Kong’s influence as a virtual asset hub, with a balance between innovation and investor protection.

Speakers: Jill Wong

Event Type: Webinar

Start Date/Time:
14 July 2023, 3:00 PM CST
End Date/Time:
14 July 2023, 4:30 PM CST
Event Materials:
An Update on AML Issues

Jill Wong will cover:

  • an overview of AML/CTF laws in Hong Kong and the key provisions of AMLO
  • the two-tier registration regime for dealers in precious metals and stones
  • the proposed licensing regime for VASPs
  • the latest enforcement cases under AMLO
  • the latest AML enforcement cases in other jurisdictions
  • an individual's liability under AMLO
  • practical suggestions and tips