Hong Kong adopts a risk-based approach in the supervision of financial institutions (FIs) and designated non-financial business and professions (DNFBPs). The Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), Cap. 615 is the principal legislation stipulating the customer due diligence (CDD) and record-keeping requirements which FIs and DNFBPs must comply, and providing legal provisions for regulators to supervise individual FIs’ and DNFBPs’ compliance with the statutory requirements.
Under the AMLO, institutions engaged in banking or deposit-taking activities (termed authorized institutions, or AIs) are regulated by the Hong Kong Monetary Authority (HKMA). The Securities and Futures Commission (SFC) supervises firms engaged in regulated activities (licensed corporations or LCs). Insurance institutions (including insurers and intermediaries) are regulated by the Insurance Authority (IA). The AMLO stipulates that any person who wishes to operate business as the remittance agents and money changers in Hong Kong must obtain a money service operator (MSO) licence from the Commissioner of Customs and Excise (CCE) who is also empowered to supervise MSO licensees’ compliance with the statutory CDD and record-keeping requirements.
In respect of DNFBPs, the AMLO has designated the Law Society of Hong Kong, the Hong Kong Institute of Certified Public Accountants, the Estate Agents Authority and the Companies Registry as the respective regulatory bodies for overseeing the compliance of legal professionals, accounting professionals, estate agents and trust or company service providers (TCSPs) with the statutory CDD and record-keeping requirements. TCSPs are further required to apply for a licence from the Registrar of Companies and satisfy a “fit-and-proper” test before they can provide trust or company services as a business in Hong Kong.
Want more information?
You may access the AML/CFT websites or Guidelines of related authorities/ associations directly:
AML/CFT websites of related Authorities/ Associations
- Hong Kong Monetary Authority
- The Securities and Futures Commission
- Money Service Supervision Bureau of Customs and Excise Department
- Insurance Authority
- Narcotics Division of Security Bureau
Guidelines from related Authorities/ Associations
Hong Kong Monetary Authority
The Securities and Futures Commission- Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Corporations)
- Prevention of Money Laundering and Terrorist Financing Guideline issued by the Securities and Futures Commission for Associated Entities
- Guideline on Anti-Money Laundering and Counter-Terrorist Financing (for authorized insurers, reinsurers, appointed insurance agents and authorized insurance brokers carrying on or advising on long term business)
- Guideline on Exercising Power to Impose Pecuniary Penalty in respect of Anti-Money Laundering and Counter-Terrorist Financing (for authorized insurers, reinsurers, appointed insurance agents and authorized insurance brokers carrying on or advising on long term business)
- The Guideline for Precious Metals and Precious Stones Dealers
- An Advisory Guideline on Preventing the Misuse of Charities for Terrorist Financing
- An Advisory Guideline on Preventing the Misuse of Charities for Terrorist Financing (Appendix)
- Guidelines on Additional Licensing Conditions of Money Lenders Licence
- Guideline on the Keeping of Significant Controllers Registers by Companies
- Guideline on Licensing of Trust or Company Service Providers
- Guideline on Compliance of Anti-Money Laundering and Counter-Terrorist Financing Requirements for Trust or Company Service Providers
- Guideline on Imposition of Pecuniary Penalty
Law Society of Hong Kong
Hong Kong Institute of Certified Public Accountants
Estate Agents Authority
Licensed Money Lenders Association Limited
- Anti-Money Laundering and Counter-Terrorist Financing - A Guideline issued by The Hong Kong S.A.R. Licensed Money Lenders Association Limited