AML/CFT Certification Course

Topics Covered

The AML/CFT Certification Course will cover the following areas:

Overview

• Explore the elements of money laundering, including the stages of placement, layering, and integration, illustrated through relevant case examples.
• Examine international cooperation and the establishment of the Financial Action Task Force (FATF).
• Delve into the FATF 40 Recommendations, focusing on Recommendation 22 concerning the Trust or Company Service Provider (TCSP) Sector.
• Trace the evolution of Hong Kong's regulatory framework from the Drug Trafficking (Recovery of Proceeds) Ordinance (DTROP) to the Organized and Serious Crimes Ordinance (OSCO) and its current iteration, the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).
• Analyze predicate offences and Hong Kong's distinctive approach that eliminates the need to prove underlying predicate offences with significant Court of Final Appeal (CFA) cases.
• Examine the intricacies of Suspicious Transaction Reporting (STRs).

TCSP Sectoral Regulations

• Evaluate the role of the Companies Registry (CR) as a regulator, emphasizing the Risk-Based Approach (RBA) and Anti-money laundering and counter-terrorist financing requirements.
• Explore assessing risk and applying an RBA in the TCSP sector.
• Address specific topics such as identifying significant controllers/ultimate beneficial owners and the licensing and renewal requirements for TCSPs.

Onboarding

• Discuss the implications of financial sanctions and terrorist financing during onboarding.
• Provide a checklist for onboarding procedures, accompanied by relevant case studies.
• Examine the nuances involved in the opening of bank accounts.

Trusts

• Delve into the Companies Registry's guidance on trusts due diligence.

Offshore Jurisdiction Due Diligence

• Explore offshore regimes and taxation processes for due diligence and economic substance.

Special Topics

• Investigate the regulatory landscape for Virtual Asset Service Providers/trading platform operators from a compliance perspective.
• Examine the regulatory framework for Dealers in Precious Metals and Stones (DPMS).