Consultation on Enhancement of AML Regulatory Regime for Financial Sectors

Our Ref:

B10/1C
B1/15C

14 July 2009

The Chief Executive
All authorized institutions

Dear Sir/Madam,

Consultation on Enhancement of AML Regulatory Regime for Financial Sectors

The Financial Services and the Treasury Bureau (FSTB) has recently launched a three-month public consultation on its legislative proposals to enhance the anti-money laundering regulatory regime for the financial sectors.

The proposals include codifying the customer due diligence and record-keeping requirements for financial institutions in law and putting in place an anti-money laundering regulatory regime for remittance agents and money changers. The aim of the proposals is to address the deficiencies indentified by the Financial Action Task Force on Money Laundering in its mutual evaluation of Hong Kong. Details of the proposals can be found on the FSTB's website (http://www.fstb.gov.hk/fsb/aml/eng/consultation/consultation.htm).

The FSTB will hold two consultation sessions for authorized institutions (AIs) at the HKMA's office on 3 August 2009, one in the morning and one in the afternoon, to brief the banking sector on the proposals and listen to AIs' views and comments. Both sessions will be conducted in English. Compliance officers and managing staff with responsibility for AML/CFT controls are encouraged to attend.

Due to the limited number of seats available, each AI is requested to nominate only two representatives to attend one of the sessions. Please discuss with the HKMA if more seats are required. Please complete the attached registration form indicting which session the representatives wish to attend and return the completed forms to the HKMA by email at aml@hkma.finnet.hk on or before 24 July 2009. Seats will be allocated on a first-come-first-served basis and late submission will not be entertained. In the event of one session becoming oversubscribed, applicants may be offered seats at the alternate session.

Unless otherwise advised, you may assume your representatives are admitted to the preferred session if the registration forms are returned to the HKMA before the deadline.

Please remind the representatives to retain a copy of the registration forms and bring it to the venue to facilitate the registration process.

If you have any questions regarding the event, please contact Ms Cherry Man at 2878 1630.

Yours faithfully,

Raymond Chan
Head (Banking Policy Division)

Encl. Registration Form (Word file, 34KB)