SFC launches consultation on anti-money laundering guidelines

18 Sep 2020

The SFC today launched a three-month consultation on proposals to amend its anti-money laundering and counter-financing of terrorism guidelines.

The proposed amendments would facilitate the adoption of a risk-based approach to AML/CFT measures by the securities industry. They address some areas for enhancement identified in the latest Mutual Evaluation Report of Hong Kong published by the Financial Action Task Force (FATF). The amendments also include additional measures which would help mitigate risks associated with business arrangements such as cross-border correspondent relationships.

“The proposed amendments align with the latest international standards and provide useful guidance for firms to apply these important measures in a more risk-sensitive manner,” said Mr Ashley Alder, the SFC’s Chief Executive Officer. “This will help the securities industry combat money laundering and terrorist financing more effectively, having regard to the specific nature of the risks they face.”

Market participants and other interested parties are invited to submit their comments to the SFC on or before 18 December 2020 via the SFC website (www.sfc.hk), by email (2020_AMLconsultation@sfc.hk), by post or by fax to 2284 4660.

Read more: https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR93