[Hong
Kong] Competence Assessment for Money Service Operators
C&ED
Circular, 4 Mar 2021
The
Customs and Excise Department informs money service operators that C&ED
will commence the implementation of Competence Assessment for Money Service
Operator in Year 2021. The Assessment aims at ensuring that the senior
management of the licensed MSO is equipped with fundamental knowledge and clear
understanding of AML/CFT for devising and overseeing its own AML/CFT systems to
effectively mitigate the risks of money laundering and terrorist financing
arising from its business operation. All MSO licence applicants and licensees
are required to attend the Assessment, and the result of Assessment will be one
of the matters that the Commissioner of Customs and Excise considers relevant
in determining whether a licence applicant or a licensee is a fit and proper
person to operate the money service business. In this regard, the application
procedures for the grant or renewal of an MSO licence stipulated in the
Licensing Guide are revised accordingly.
Full
text: click here;
Guidance Notes: click here
[Hong
Kong] Revisions to Licensing Guide for Money Service Operators
C&ED
Circular, 4 Mar 2021
The
Customs and Excise Department published the revised Licensing Guide which explains
new or renewal licence application procedures in details and also sets out
notes on revised licensing requirements imposed on all MSO licence applicants
and licensees. Failure to comply with requirements set out in the revised
Licensing Guide can result in the new/renewal licence application being deemed
as invalid which will not be processed by C&ED and/or result in refusal to
grant licence, or if a licence has been granted, the licensee could be subject
to suspension and revocation of licence.
Full
text: click here;
Licensing Guide: click here
[Hong
Kong] SFC and Police joint operation against suspected ramp-and-dump syndicate
SFC
Enforcement News, 5 Mar 2021
The
SFC and the Police have conducted a joint operation against an active and
sophisticated syndicate suspected of operating ramp and dump manipulation
schemes. These schemes drive up the
share prices of target stocks and then induce unwary investors via social media
platforms to buy shares at artificially high prices. Twelve people – including
those believed to be the ringleaders of the syndicate and their associates –
were arrested during a joint search of 27 premises across Hong Kong. Prior to
the joint operation, the SFC issued 16 Restriction Notices and froze 63
securities accounts which it believes hold proceeds of the ramp and dump
schemes belonging to syndicate members.
Overall the amount of assets frozen total about $860 million.
Full
text: click here
[Hong
Kong] Circular to Licensed Corporations and Associated Entities - Anti-Money
Laundering / Counter-Financing of Terrorism
HKMA
Circular, 5 Mar 2021
The
HKMA inform licensed corporations and associated entities that the Financial
Action Task Force in a statement issued on 25 February 2021 advised its members
to refer to the list of high-risk jurisdictions subject to a call for action
adopted in February 2020, namely Iran and the Democratic People’s Republic of
Korea. In addition, the FATF issued an updated statement on Jurisdictions under
Increased Monitoring and published various other outcomes of its recent Plenary
which may be of interest to LCs and AEs. The outcomes include approval of the
public consultation on a new guidance on proliferation financing risk
assessment and mitigation as well as an update to the FATF guidance for virtual
assets and virtual asset service providers.
Full
text: click here
[Singapore]
CMI 27/2018 Controls and Disclosures to be Implemented by Licensed
Securities-Based Crowdfunding Operators
MAS
Circular, 5 Mar 2021
This
circular applies to licensed securities-based crowdfunding (SCF) operators. It
sets out the measures SCF operators should put in place to assess issuers,
manage defaults or cessations, and disclose interest and default rates.
Full
text: click here
