On 14 November 2023, the Securities Futures Commission released an updated anti-money laundering and counter-financing of terrorism self-assessment checklist which reflects the latest Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Corporations and SFC-licensed Virtual Asset Service Providers) which became effective on 1 June 2023.
Given the ever-changing nature, scale, diversity and complexity of the finance world, this is an important step for those involved in the world of virtual assets and traditional financial services. A copy of the checklist can be accessed through SFC’s website at (https://www.sfc.hk/-/media/EN/files/IS/AML/AML – Self-Assessment Checklist_EN_2023).
Needless to say, SFC licensed corporations, virtual asset service providers and associated entities are advised to use the self-assessment checklist as part of their ongoing monitoring of their AML/CFT compliance.
Senior management of SFC licensed corporations, virtual asset service providers and associated entities are reminded that if they identified any problems during their regular reviews, the problems should be rectified in a timely manner. One should also consider whether reporting to the relevant authorities is appropriate.
If you would like to review and enhance existing internal compliance procedures, please contact us.
Alfred Leung, Partner
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YTL LLP is a law firm headquartered in Hong Kong, China. This article is general in nature is not intended to constitute legal advice.