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AMLO Compliance

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Information Sheets about the Hong Kong Anti-money Laundering Ordinance compliance matters prepared by Kenneth Chau & Co. a member firm of MGI Worldwide, an international accounting firms network.

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AMLO Compliance

  1. 1. LEGISLATION It is important to all Clients! All Hong Kong Companies and Individuals shall comply with the anti-money laundering / counter-terrorist financing (“AML / CTF”) requirements under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Chapter 615 (“the AMLO”). Trust and Company Service Provider (TCSP) TCSP licensees should take steps to keep customer information up-to-date and undertake periodic reviews of existing records of customers. Customer Due Diligence (“CDD”) are required to be performed. Record-keeping is a must. 1 AMLO COMPLIANCE Hong Kong WWW.KENNETHCHAUCPA.COM JULY 2020 www.fstb.gov.hk/fsb/ aml/en/regime.htm Homepage of Anti-Money Laundering and Counter- Financing of Terrorism (AML/CFT) Regime TCSP The Company Secretarial Services Company of Kenneth Chau & Co. is a TCSP Licensee. Please kindly contact our professional team to help your compliance under AMLO. Contact us Phone: 852-2050 5599 Fax: 852-2851 6210 Email: info@kennethchaucpa.com Website: www.kennethchaucpa.com Facebook: KennethChauMgiHK/ Address: 9th Floor, Tung Hip Commercial Building, 244 Des Voeux Road Central, Hong Kong. Disclaimer: The content in this publication is of general information only. It is not offered as advice and should not be taken as such. We expressly disclaim all liabilities to any person for any reliance placed on the content of this publication. No client or other reader should act or refrain from acting on the basis of the content of this publication without seeking specific professional advice. WHAT IS CDD? 1. identity of the customer 2. identity of the customer’s beneficial owner 3. identity and authority of a person who purports to act on behalf of the customer 4. Understand the purpose and intended nature of the business relationship with the customer RECORD-KEEPING Original or copy of the documents, records, data and information in respect of customers and their transactions should be kept in accordance with the requirements of Schedule 2 to the AMLO. Records should be kept throughout the continuance of the business relationship with the customer and for a period of at least 5 years after the end of the business relationship. RECORDS ARE Records obtained in the course of identifying and verifying the identity of: - the customer - the beneficial owner - the person who purports to act on behalf of the customer - other connected parties
  2. 2. Application of CDD CDD would be the most general procedures applicable to Companies in Hong Kong. However, depending on the circumstances of the transactions, TCSP licensees may need to take additional measures, i.e. Enhanced Customer Due Diligence (“EDD”), or may conduct Simplified Customer Due Diligence (“SDD”). Clients may refer to the below risk assessment flow from Companies Registry - Registry of TCSP for reference. 2 AMLO COMPLIANCE JULY 2020 HELP Our team will provide a list of CDD and related forms to guide our clients to provide the required information in order to comply with the AMLO and related legislations. TIPS Clients are advised to provide all the required information on time. It will speed up the completion time of the clients’ transactions (formation, changes of shareholders and directors, allotment and transfer of shares, change of particulars, etc.)

Information Sheets about the Hong Kong Anti-money Laundering Ordinance compliance matters prepared by Kenneth Chau & Co. a member firm of MGI Worldwide, an international accounting firms network.

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