Hong Kong has gazetted an anti-money laundering amendment notice that will allow its financial institutions to continue to delegate customer due diligence (CDD) functions.
The Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO) stipulates a set of customer due diligence (CDD) and record-keeping measures to be undertaken by financial institutions, in line with the recommendations of the Financial Action Task Force, the standard-setting body for the global efforts in anti-money laundering and counter-terrorist financing. Such requirements are set out in Schedule 2 to the Ordinance.
The Notice amends the relevant provision so that financial institutions may continue to carry out the CDD measures through the relevant intermediaries for three additional years until March 31, 2018 which will expire after March 31, 2015.
