Regulatory Alerts2018-02-02
Added · Updated
Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance 2018
The Hong Kong Monetary Authority issued this circular to inform Authorized Institutions that the Amendment Ordinance 2018 has been gazetted and will come into operation on 1 March 2018. The regulator requires all Authorized Institutions to review the new legislation and ensure full compliance with its requirements. This compliance obligation extends to both the measures outlined in the earlier June 2017 letter and the further amendments introduced during the Bills Committee stage.
Our Ref: B10/1C B1/15C 2 February 2018 The Chief Executive All Authorized Institutions Dear Sir/Madam, Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance 2018 Further to the letter of 23 June 2017, I am writing to inform you that the AntiMoney Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance 2018 (the Amendment Ordinance) is published in the Gazette (http://www.gld.gov.hk/egazette/pdf/20182205/es1201822054.pdf) today and will come into operation on 1 March 2018. Authorized Institutions are reminded to review the Amendment Ordinance and ensure compliance with its requirements, including both those set out in the earlier letter and further amendments made during the Bills Committee stage (https://www.legco.gov.hk/yr17-18/english/counmtg/papers/cm20180124cb3- 273-e.pdf). Yours faithfully, Carmen Chu Executive Director (Enforcement and AML)