Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (Version Date: 01/06/2023)

A new version of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance was published on Hong Kong e-Legislation, the official platform of the Hong Kong government for publicizing legal documents. The new version contains the remaining amendments resulting from the coming into force of the AML and CFT (Amendment) Bill 2022.
To recall, the new bill requires virtual asset service providers to meet fit and proper criteria in order to be registered and to comply with AML requirements including recordkeeping and customer due diligence obligations. Furthermore, they will have to adhere to safeguarding requirements concerning customer funds, adhere to conflict of interest requirements, and oblige with certain own funds requirements. Additionally their accounts will have to be audited on a regular basis. Also, the bill requires dealers in precious metals and stones to register with the „Commissioner of Customs and Excise“ and be subject to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance and corresponding requirements, if their size of cash transactions with customers exceed HK$120,000. Finally, the bill revises the requirements pertaining to beneficial owners and ownership verification.
The new version now incorporates all remaining changes as regards the requirements of precious metals and stones dealers, virtual asset service providers, and all entities subject to beneficial owner verification requirements which came into force on June 1, 2023. Amendments have thereby been made to the following parts and schedules:
– Part 2 Requirements Relating to Customer Due Diligence and Record-keeping
– Part 5B Regulation of Activities Involving Virtual Assets
– Part 6 Anti-Money Laundering and Counter-Terrorist Financing Review Tribunal
– Schedule 2 Requirements Relating to Customer Due Diligence and Record-keeping
– Schedule 3G Transitional Arrangements for Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022)