CPA firms in Hong Kong are subject to AML laws in Hong Kong under the following ordinances:
The Drug Trafficking (Recovery of Proceeds) Ordinance
The Organized and Serious Crimes Ordinance
The United Nations (Anti-Terrorism Measures) Ordinance
What do AML laws and regulations mean for clients of CPA firms in Hong Kong?
Clients may be asked to provide information relating to their personal profile and financial details which may not be directly related to their instructions.
It is necessary for CPA firms to obtain this information to satisfy the AML legal and regulatory requirements that are applicable by law to firms in Hong Kong.
We kindly ask clients for their understanding and co-operation when we make requests for personal and financial information.
What do AML laws and regulations mean for CPA firms in Hong Kong?
CPA firms are required to gather sufficient relevant client information to satisfy the following AML compliance objectives:
a. Client due diligence.
b. Enhanced client due diligence when instructions present an AML risk.
c. Reporting suspicions of money laundering and terrorist financing.
d. Record keeping.
e. Staff awareness and training.
CPA firms may take steps to mitigate the risk of earning a negative reputation by association if asked to act on transactions involving individuals or organizations who have proven or potential criminal or terrorist links.,