The SFC said the new guidelines will assist licensed corporations and associated entities in designing and implementing appropriate and effective policies, procedures and controls so as to comply with the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance which comes into effect on 1 April.
Before publishing the guidelines, the SFC sought the feedback of the industry on their suitability and clarity. The financial watchdog said it received a total of 25 submissions from industry practitioners, trade associations and professional bodies who “generally found the guidelines helpful”, although some asked for clarification on specific matters and adaptation of certain requirements to facilitate compliance.
To coincide with the commencement of the AMLO, the guidelines will take effect on 1 April 2012 to replace the existing Prevention on Money Laundering and Terrorist Financing Guidance Note published by the SFC.
