Public Seminar on
Implementing Anti-Money Laundering/ Counter Terrorist Financing (AML/CTF)
Policies, Procedures and Controls for
11 Apr 2019 (Thursday)
Auditorium, 1/F., Duke of Windsor Social Service Building,
No. 15 Hennessy Road, Wanchai, Hong Kong
|Thursday, 11 Apr 2019
2:00pm to 5:00pm
Duke of Windsor Social Service Building,
No. 15 Hennessy Road, Wanchai, Hong Kong.
|2:00 pm||Welcome and Introduction|
|2:05 pm||Practical Guide to implementing AML/CFT Internal Policies, Procedures and Controls by Martin Lim, Ingenique Solutions|
|2:45 pm||Customer Due Diligence for AML/CFT: Managing challenges with effectiveness by Sachin B. Singh, Dow Jones|
|3:15 pm||Product Demo of SentroWeb-DJ by Irene Ip, Ingenique Solutions|
|3:45 pm||The Importance of Ongoing Monitoring/ Suspicious Transaction Reporting by Leonard Soh, Ingenique Solutions|
|4:30 pm||Q&A/ Panel Discussion|
About the Seminar
Effective 1 Mar 2018, Certified Public Accountants ("CPA"), and Trust or Company Service Providers ("TCSP") are required to comply with the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap.615) ("AMLO"). Accordingly, the Hong Kong Institute of Certified Public Accountants, and the Company Registries have issued guidelines to assist CPAs and TCSPs meet their obligations under AMLO. Specifically, these guidelines cover:
|Requirements||HKICPA Guideline Section||Company Registry Guideline Chapter|
|AML/CFT Policies, Procedures and Controls||610||3 & 4|
|Customer Due Diligence||620||5|
|Making Suspicious Transaction Reports||640||7|
While the guidelines are useful, it is important for professional firms to set up the operational processes to deal with the AML/CFT risks. This public seminar will provide practical information on how to implement the guidelines by HKICPA and CR, for small and medium size firm.
This event is organised by:
|Ingenique Solutions Pte Ltd||Dow Jones|
Practical Guide to implementing AML/CTT Internal Policies, Procedures and Controls
In Section 3.1 of the CR Guideline on Compliance of AML/CTF Requirements for TCSPs and Section 610.1 of the HKICPA Guidelines on AML/CTF for Professional Accountants, there is a need for firms to implement internal policies, procedures and controls (IPPC) to address ML/TF risks. How does a firm develop and implement these AML/CFT IPPC in their day-to-day operations to mitigate the ML/TF risks and comply with the AMLO requirements? This session will share with the participants practical implementation that will balance compliance requirements and business needs.
Customer Due Diligence for AML/CTF: Managing Challenges with Effectiveness
In Section 5.34, and 8.12 of the CR Guidelines, and Section 620.12.11 and 650.1.16 of the HKICPA Guidelines require professional firms to screen their customers to determine that they are not Politically Exposed Persons (PEP), relatives/ close associates of PEP, or sanctioned persons. Commercially available databases provide an effective way to screen the customers. What is considered a "good" commercial database? This session will provide the qualities of Dow Jones Risk and Compliance database.
Product Demo of SentroWeb-DJ – HKICPA’s partner vendor for AML/CTF, supported by Dow Jones
By now, professional firms are familiar with the requirements of AML/CTF, and have taken active steps to implement AML/CTF processes in their businesses. With the right tools, AML/CTF processes can be made more efficient for Customer Due Diligence (CDD), Screening and Ongoing Monitoring. This session will be an introduction to the salient features of SentroWeb-DJ, which is HKICPA’s partner vendor for AML/CTF, and is supported by Dow Jones. Members are welcomed to find out more about SentroWeb-DJ, after the presentation.
Importance of Ongoing Monitoring
Chapter 6 of the CR Guideline, and Section 630 of the HKICPA Guidelines requires TCSPs and CPAs to have in place an effective ongoing monitoring process to detect unusual or suspicious transactions. What is ongoing monitoring? How does a firm implement an effective ongoing monitoring process without consuming too much resources? This session will share with the participants some operational implementation of ongoing monitoring.
About the Speakers
Martin is the founder and director of Ingenique Solutions. He is the person behind the product development of all products by Ingenique. Prior to joining Ingenique, Martin has more than 15 years in the IT industry covering both technical and business development responsibilities. With Ingenique, he frequently engages with small and medium sized professional firms to assist them in implementing AML/CFT policies, procedures and controls, and to prepare for regulatory inspections and reviews. Through his experience with the customers, he is able to develop solutions for them to effectively implement their AML processes.
Sachin B. Singh
Sachin heads the regional partnership as the Director of Partnerships - APAC, Risk & Compliance, Dow Jones. In his role he works closely with regulators, financial institutions, industry associations, legal and compliance professionals. He regularly engages with international financial institutions and non-financial institutions on AML compliance matters, and works closely with his clients to navigate these matters.
Irene manages the business development activities in Ingenique Solutions (Hong Kong branch). Prior to joining Ingenique, Irene has worked in several securities trading and listed companies in an accountancy role, where she has accumulated more than 8 years of accountancy experiences. With Ingenique, she plays a key role in developing and growing the Hong Kong market, by putting her good client relationship skills and practical knowledge in AML/CTF matters to help clients address their AML/CTF related issues, concerns & requirements.
Leonard is a partner and director of Ingenique Solutions. He is a finance industry professional with deep skill sets in Compliance & Sales – the culmination of more than 7 years in AML/CFT advisory, trainings & supervisions; as well as extensive bank experiences of more than 20 years. Prior to joining Ingenique, Leonard has worked in various international and global banks, in areas of treasury, markets, finance and regulatory compliance. With Ingenique, he has put his vast knowledge and understanding of AML/CFT regulations and compliance into practical application and advisory for clients; and helping them to appreciate and facilitate the transition process to AML compliant.