HKMA AML/CFT Web Page and Revised Approach to Inform AIs of UN Sanctions Updates

Banking Supervision Department 銀行監理部
Our Ref.: B10/1C
B1/15C
30 December 2014
The Chief Executive
All Authorized Institutions
Dear Sir / Madam,
AML/CFT web page and revised approach to inform AIs of updates to the United Nations (Anti-Terrorism Measures) Ordinance and United Nations Sanctions Ordinance I am writing to inform you that the Hong Kong Monetary Authority (“HKMA”) is enhancing its public website to consolidate all information relating to anti-money laundering and counter-financing of terrorism (“AML/CFT”) in a single web page (“the AML/CFT web page”). We are also taking this opportunity to streamline the process by which AIs are informed of updates to the United Nations (Anti-Terrorism Measures) Ordinance (“UNATMO”), United Nations Sanctions Ordinance (“UNSO”) and list of names for suspicious account reporting against which the HKMA requires AIs to maintain a database for client and transaction screening purpose. Both of these changes will take effect from 1 January 2015. The AML/CFT web page The AML/CFT web page can be accessed under “Key Functions - Banking Stability” of the public website of the HKMA and contains regulatory and supervisory guidelines on AML/CFT and hyperlinks to the websites of the relevant local and international organizations. A subpage “AML/CFT-related Circulars” contains relevant circulars categorised under “Regulations / Guidance”, “Statements / Updates from Financial Action Task Force or Asia/Pacific Group on Money Laundering” and “Training & Seminars”. Sanctions-related notices A “Sanctions-related Notices and Updates” subpage has also been created under the AML/CFT web page. With effect from 1 January 2015, whenever there is an update of designation under the regulations of the UNATMO and/or the UNSO and publication of the regulations / amended regulations under the UNSO, a summary record of the updates will be uploaded on the subpage “Sanctions-related Notices and Updates” on the date of Gazettal with a hyperlink to the relevant Government department’s website1 . On the same date an email will be issued to AIs informing them of the update2 . 1 A similar summary record will also be maintained under “Sanctions-related Notices and Updates” of the HKMA supervisory communication website for AIs. 2 The email will include the subject of the relevant legislation, Government Gazette number and hyperlink to the relevant website.

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  It is important that those responsible for the oversight of your AIs’ sanctions control environment are alerted to these important changes. The HKMA’s expectation that all new designations be screened against an AI’s client list as soon as practicable after the issuing of an update remains unchanged. I hope that you find these enhancements helpful. We will review the content of the AML/CFT web page taking into account the latest AML/CFT developments and operating experience. If you have any questions relating to this letter, please contact Ms Maggie Wong on 2878 1601 or Mr Jason Chan on 2878 1315. Yours faithfully, Henry Cheng Executive Director (Banking Supervision)