Anti-Money Laundering and Counter-Terrorist Financing

The Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance 2018, effective on 1 March 2018, extends the scope of the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615) to cover designated non-financial businesses and professions, including accountants.

The Institute will enquire of any member or member practice if there is evidence to support that the member or member practice may have breached / caused a trust or company service provider (TCSP) licensee to breach any anti-money laundering and counter-terrorist financing requirements, and consider any appropriate regulatory action.