Regulatory Alerts2025-06-30
Added · Updated
Notice SFA 13-N01 to Approved Trustees on Prevention of Money Laundering and Countering the Financing of Terrorism
This Notice applies to all approved trustees as defined in section 289 of the Securities and Futures Act 2001, requiring them to identify, assess, and mitigate money laundering and terrorism financing risks through a risk-based approach. It mandates specific customer due diligence measures, including the verification of customer identity, connected parties, beneficial owners, and natural persons acting on behalf of customers, while prohibiting anonymous dealings. The document establishes obligations for ongoing monitoring of business relations, the filing of suspicious transaction reports, and the implementation of controls for new products and technologies.