G.N. 3120 / 2023

In view of the coming into force of the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022 on June 1, 2023, the Securities and Futures Commission of Hong Kong, SFC, has published a new General Notice (G.N. 3120/2023) in which it officially gazettes the revised Guideline on Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) (For Licensed Corporations and SFC-licensed Virtual Asset Service Providers) to be effective same day. The guideline sets out all relevant AML & CFT statutory and regulatory requirements of licensed corporations and virtual asset service providers and the AML & CFT standards they must adhere to.
The revised version reflects the changes in the „Anti-Money Laundering and Counter-Terrorist Financing Ordinance“ brought about by the above noted amendment ordinance which primarily introduces the new licensing regime for virtual asset service providers (VASPs) and a registration regime for dealers in precious metals and stones and revises the requirements pertaining to beneficial owners and ownership verification. The changes in the document involve a revised definition of PEP (politically exposed person), a new definition of „former non-Hong Kong PEP“, the relaxation of customer identification requirements, particularly with respect to trust customers, and the inclusion of a new chapter on the new requirements pertaining to VASPs and precious metals dealers, among others. Please refer to EventID 21251 in this context which contains the accompanying circular detailing the changes made to the guideline.