Hong Kong's Anti-Money Laundering (AML) laws have extended the customer due diligence (CDD) recordkeeping requirements to three types of professions in specific kinds of roles, including solicitors and accountants, real estate agents, and trust or company services providers. Such development does not only raise the awareness of these professions on the issue of how to comply, but also entice notices on financial related business activities such as debt recovery. Does your organization have the right strategies and policies to ensure full compliance of AML so as to avoid prospective violations? In this seminar, our speakers will share:
• What is expected by the law - the 7 action checks (Policies, Staff Training, Risk Assessment, CDD Measures, Record Keeping, Ongoing Monitoring, and Suspicious Transactions Reporting)?
• What is Money Laundering?
• How is CDD vs Know Your Customer ("KYC")?
• How to execute CDD?
• Do we need to pay attention to Sanctions?
• Are we doing good enough to comply?
• Case study - Debt recovery situation representing a fraudulent transaction