23 Dec 2020
SFC today released consultation conclusions on proposed customer due diligence requirements for open-ended fund companies (OFCs).
The SFC will implement the proposal to require OFCs to appoint a responsible person to carry out anti-money laundering and counter financing of terrorism (AML/CFT) functions, in line with the Financial Action Task Force’s principles and requirements as well as to better align the AML/CFT requirements for different investment vehicles for funds in Hong Kong.
Upon the completion of the legislative process, the new requirements will come into effect after a six-month transition period.
Read more about this update here: https://bit.ly/2KWZYdB