The Anti-Cash Laundering and Counter-Terrorist Financing (Modification) Invoice 2022 was handed on 7 December 2022. Specifically, the amended Anti-Cash Laundering and Counter-Terrorist Financing Ordinance has launched (1) a licensing regime for digital asset service suppliers and (2) a two-tier registration regime for sellers in treasured metals and stones.
Miscellaneous amendments had been additionally made to align with the newest worldwide requirements set by the Monetary Motion Job Drive (“FATF”), together with (i) an modification of the definition of “politically uncovered individual” (“PEP”); (ii) the facilitation of a risk-based strategy in figuring out the diploma of buyer due diligence (“CDD”) that former PEPs are topic to; (iii) supporting the usage of know-how by clarifying {that a} recognised digital identification system can be utilized for the needs of CDD and satisfying the extra necessities the place a buyer is just not bodily current for identification functions; and (iv) the clarification {that a} useful proprietor features a trustee of a belief, a beneficiary and a category of beneficiaries of a belief entitled to a vested curiosity within the belief. The miscellaneous amendments aforementioned will come into operation on 1 June 2023.
The related HKMA round will be discovered right here, and the Authorities press launch will be discovered right here.
