Public Seminar on
Implementing Anti-Money Laundering/ Counter Terrorist Financing (AML/CTF)
Policies, Procedures and Controls for
CPAs and TCSPs
27 Apr 2018 (Friday)
Hong Kong Management Association, 14/F., Fairmont House, 8 Cotton Tree Drive
Central, Hong Kong
|Friday, 27 Apr 2018
9:00am to 12:00pm
Hong Kong Management Association,
14/F, Fairmont House, 8 Cotton Tree Drive
Central, Hong Kong
|9:00am||Practical Guide to implementing AML/CFT Internal Policies, Procedures and Controls by Martin Lim, Ingenique Solutions|
|9:45am||Screening your customers for AML/CFT by Olivia Kwan, Dow Jones|
|11:00am||Importance of Ongoing Monitoring by Leonard Soh, Ingenique Solutions|
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/CFT Internal Policies, Procedures and Controls
In Section 610.1 of the HKICPA Guidelines on AML/CTF for Professional Accountants and Section 3.1 of the CR Guideline on Compliance of AML/CTF Requirements for TCSPs, 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.
Screening your customers for AML/CFT
In Section 620.12.11 and 650.1.16 of the HKICPA Guidelines and Section 5.34 and 8.12 of the CR Guideline requires 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.
Importance of Ongoing Monitoring
Section 630 of the HKICPA Guidelines and Chapter 6 of the CR Guideline requires CPAs and TSCPs 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.
Olivia Kwan, Risk & Compliance Specialist – North East Asia at Dow Jones, has been in the compliance and due diligence industry for over a decade, specialized in anti-money laundering, counter-terrorist financing, anti-corruption, and anti-fraud programs. Olivia is a Certified Anti-Money Laundering Specialist® (CAMS), and experienced in helping clients manage financial crime, corruption and reputational risk across Asia Pacific. She has been involved in a wide range of projects, such as AML risk rating model, risk assessment, sanction review projects in Hong Kong, Taiwan, and Macau.
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.
Nearest MTR Station: Admiralty (Exit B)