|Hong Kong FSTB Proposes Enhanced AML Obligations For Professionals And Beneficial Owner Registers For Hong Kong Companies|
||Forum (14 March 2017)|
URGENT AND VERY IMPORTANT
The Financial Services and the Treasury Bureau (“FSTB”) has recently proposed to expand its anti-money laundering (“AML”) laws. This is expected to assist Hong Kong in keeping pace with AML developments in other financial centers, and to prepare for its upcoming FATF mutual evaluation in 2018.
We are organizing a forum to solicit views and recommendations from our members, so that we can send in a submission to FSTB ASAP. Crucial issues including the following questions will be discussed in the forum:
All these proposed new measures will have a significant impact on our members’ operations and practices and your views and comments are urgently needed!
If you wish to give us your views in advance, please click the following links for the questionnaires of consultations:
Mr Ronnie Choi蔡國偉先生
President of SCAA
Mr Wilson Kwok 郭志成先生
Chairman of Members Forum and Commercial Relationship Committee
The Financial Services and the Treasury Bureau (“FSTB”) has recently proposed to :-
Proposal on DNFBPs- Customer Due Diligence and Record-keeping Obligations for Solicitors, Accountants, Real Estate Agents and Trust and Company Service Providers.
A proposed amendment to the AMLO would extend customer due diligence (“CDD”) recordkeeping requirements to these three types of professions when preparing for or carrying out certain transactions for clients. The current rules governing financial institutions would be extended to these three professionals.
Trust or Company Service Providers (“TCSPs”)
Proposal on Disclosure of Beneficial Ownership and Maintainance of a Register of People with Significant Control (“PSC”)
The government proposes to amend the Companies Ordinance to require Hong Kong companies to identify and maintain records of their “beneficial owners.” The definition of “beneficial owners” would also be significantly revised. If approved, such companies will be required to create a “PSC Register” of persons with “significant control.” Persons with “significant control” include both registrable individuals and registrable legal entities. This register would be available for public inspection on payment of a fee.
Consultation on Enhancing Transparency of Beneficial Ownership of Hong Kong Companies:
Consultation on Enhancing Anti-Money Laundering Regulation of Designated Non-Financial Businesses and Professions:
||06:30 PM - 08:00 PM|
||SCAA Premises (6/F, 88 Lockhart Road, Wanchai, Hong Kong) 香港華人會計師公會 (香港灣仔駱克道88號6樓)|