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As a member of the Financial Action Task Force ("FATF"), an inter-governmental body established in 1989 to protect the integrity of the international financial system, Hong Kong is obliged to combat money laundering and terrorist financing in accordance with FATF standards. Recently, FATF has recommended expanding customer due diligence ("CDD") and record-keeping requirements beyond financial institutions to include designated non-financial businesses and professions ("DNFBPs"). DNFBPs, as defined by FATF, include casinos, dealers in precious metals and stones, real estate agents, lawyers, notaries, accountants, trusts or company service providers.

Following a public consultation earlier in the year and then the publication of consultation conclusions on 13 April 2017, the Government has indicated that it will be going ahead with legislative amendments to the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance with a view to subjecting DNFBPs to statutory CDD and record-keeping requirements similar to those currently imposed on financial institutions.

To help members obtain a better understanding of and achieve compliance with the proposed AML requirements, the Chamber is pleased to have invited Mr Charles Fung from the HKSAR Joint Financial Intelligence Unit, to provide a briefing on 11 July at 4:30pm. His presentation will cover the following:

•    Background to and the implementation of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance and FATF guidelines;
•    Definition and the types of conduct that fall within the meaning of AML; and
•    AML case studies.

Speaker(s) Mr Charles Fung, the HKSAR Joint Financial Intelligence Unit
Language Cantonese
Date and Time 2017/07/14 16:30 to 18:00
Venue Chamber Theatre, 22/F United Centre
Media Closed to media
Enquiries Karen Au
Tel: 28231200
Email: karen@chamber.org.hk
Fee Free of Charge
Members Only
Notes - Bookings will only be confirmed with full payment, on a first-come-first-served basis.
- Substitution is allowed for corporate members only with advanced notice while walk-ins will normally not be accepted.
- Please note that the Chamber reserves the right to decline any booking or cancel the event without explanation. In any such instance, the event fee will be returned in full.
- There will be no refund for attendees cancelling or not showing up for the event unless the cancellation request is made in writing at least 3 days before the event, and in such cases the refund will be subjected to a 10% administration fee, or HK$100 deduction, whichever is higher.
- Members paying with their BOC HKGCC Visa Card will enjoy a 30% discount on their reservation. The discount is only applicable to the card holder, and does not extend to their guests. The discount cannot be used in conjunction with Chamber Coupons.
- Starting 1 January 2017, all off-line bookings (e.g. fax, e-mail, post) for Chamber events will be charged a $50 handling fee per person. Make the switch to online today by installing our app or registering via our website to save the environment and save money.
- Priorities are given to corporate members. The decision to accept or decline any bookings shall be at the sole discretion of the Chamber.