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Resumption of CPD workshops and sports and recreation events

After having assessed the COVID-19 situation and our hygiene and cleaning practices, we are pleased to announce that both continuing professional development (CPD) workshops and sports and recreation events with a maximum of 30 participants will be gradually resumed with immediate effect.

 

We will closely monitor the situation to determine when it is appropriate to resume other events.

 

For the latest updates from the Institute please visit the COVID-19 – CPA Information Centre.


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Questionnaire on Anti-money Laundering and Counter-terrorist Financing Compliance 2020

Important:

  • ALL members and practice units (i.e. non-practising certified public accountants (CPAs), practising CPAs, CPA firms and corporate practices) are requested to complete the AML Questionnaire.
  • The AML Questionnaire is open for completion on 6 November 2020 (Friday) and must be completed ONLINE.
  • The deadline of completion is 28 December 2020 (Monday).

 

Webcast

This webcast provides you with information about the AML Questionnaire, including the purpose of the AML Questionnaire, use of the information collected, and an overview of the contents of the AML Questionnaire. We also explain in the webcast that not all members and practice units will be required to answer all questions in the AML Questionnaire.

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AML Questionnaire (English version)

 

 

 

 

If you cannot view the video above, please click here. arrow right


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AML Questionnaire (Chinese version)

 

 

 

If you cannot view the video above, please click here. arrow right

 


 

Background

The Institute is the regulatory body of accounting professionals, which are defined in the Anti-money Laundering and Counter-terrorist Financing Ordinance (AMLO) as certified public accountants (CPAs) and practice units, concerning anti-money laundering and counter-terrorist financing (AML / CTF) compliance. The Institute’s Guidelines on AML / CTF for Professional Accountants (Chapter F of the Code of Ethics for Professional Accountants (Code of Ethics)) (AML Guidelines) has been effective since 1 March 2018.


As announced in Financial Reporting, Auditing and Ethics Alert (Issue 34), the Institute has plans to enhance risk-based supervision of accounting professionals concerning AML / CTF compliance to address the AMLO requirements and the Financial Action Task Force’s recommendations in its mutual evaluation report on Hong Kong. Please read the alert for more details.

Risk assessment is the starting point to enhance risk based supervision. To enable the Institute to collect sufficient relevant information to assess the money laundering and terrorist financing (ML / TF) risk at the sectoral level and the institutional level of each constituent and to enhance the supervisory plan, all members and practice units are requested to complete the Questionnaire on AML / CTF Compliance of Accounting Professional (the AML Questionnaire) online. Based on the information received, an assessment of the ML / TF risk of each relevant constituent will be made, and each one will be classified into risk categories for the purposes of determining the nature, timing and extent of supervisory actions. In general,  internal professionals working solely within the commercial sector or for government agencies (i.e. solely as professional accountants in business (PAIB)) will not be subjected to any further AML / CTF supervisory actions once they have completed this questionnaire to confirm their status.

 


 

Use of information

The information collected in the AML Questionnaire will be used by the Institute solely for the purpose of discharging its regulatory responsibilities in relation to AML / CTF compliance by accounting professionals. Examples of the use of the information include developing, maintaining and updating a sectoral ML / TF risk assessment of the Hong Kong accounting profession, an institutional ML / TF risk assessment of constituents in the Hong Kong accounting profession, or a risk-based supervision plan concerning AML / CTF compliance by accounting professionals.

 

 

Completion period and method

The AML Questionnaire is open for completion from 6 November 2020 (Friday) to 28 December 2020 (Monday).

The AML Questionnaire must be completed online. Hard copy submissions will not be accepted.

 


 

Reporting units concerned

 

Members and practice units

 

All members (i.e. both non-practising CPAs and practising CPAs) and other practice units (i.e. CPA firms and corporate practices) (collectively referred to as “reporting units”) registered on or before 2 November 2020 are requested to submit the AML Questionnaire. 

 


 

Contents of the AML Questionnaire

Reporting units are requested to answer all applicable questions in the AML Questionnaire relevant to the period covered from 1 October 2019 to 30 September 2020. For most questions, answering options are available for reporting units to choose to answer the questions. The AML Questionnaire includes the following parts: 

Part A – General


Part A sets out questions asking whether the reporting unit provided professional services by way of business during the covering period. The reporting unit will be directed to complete the rest of the AML Questionnaire according to the answers provided in Part A. If the reporting unit did not provide any professional services by way of business during the covering period, it will not be required to answer Parts B to D.

Part B – Business information

Part B collects business information about the reporting unit, including the number of staff, number of clients, total annual revenue, types of professional services provided, whether services involved transactions specified in the AML Guidelines (specified transactions) and whether the reporting unit applied “good practices” in transactions other than specified transactions. 

Part C – AML / CTF compliance relating to specified transactions / good practices 

Part C is only applicable if the reporting unit carried out or prepared for clients specified transaction(s) or applied “good practices” to transactions other than specified transactions in the covering period. Part C collects the information about the risk exposure of the reporting unit and the policies, procedures and controls in the reporting unit’s AML / CTF compliance programme. 

Part D – Suspicious transactions reporting, financial sanctions and others

Part D sets out questions about the reporting unit’s measures in relation to suspicious transactions reporting, financial sanctions and terrorist financing and AML / CTF training. 

HK Network and Professional Service Entities

 

Subject to the finalization of the consultation of Chapter G of the Code of Ethics (Professional Ethics Relevant to Anti-money Laundering and Counter-terrorist Financing Compliance for Accounting Professionals), reporting units might be required to provide information about their networks firms located in Hong Kong and professional service entities whose owners, shareholders and partners are all CPAs and / or practice units. We will provide further information in due course.

 

 

Resources

Additional resources and guidance materials that can assist reporting units in logging in and completing the AML Questionnaire will be made available in due course. 

 


 

Access the AML Questionnaire

The AML Questionnaire can be accessed on this webpage from 6 November 2020.

 


 

Application for Login ID and Password

Reporting units should have been provided with Login ID and Password. If a reporting unit does not have or forgets the Login ID and Password, please click here to apply. To learn more about how to acquire, activate, or change your Login ID and Password, please click here.

 


 

Enquiry

The Quality Assurance helpline will be open from 1 November to 28 December 2020 during office hours. The helpline number will be (852) 2287 7599.

Monday to Thursday: 9:00 a.m. – 6:00 p.m.
Friday: 9:00 a.m. – 5:30 p.m.
Saturday and Sunday: Closed

Queries can also be emailed to the Quality Assurance Department at qadaml@hkicpa.org.hk

For IT assistance, please contact (852) 2287 7800 or email itenquiry@hkicpa.org.hk.

 


 

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