News and Articles

Ultimate Beneficial Ownership (UBO) Verification Failures: Lessons from Recent Hong Kong Enforcement Cases

What Is UBO Transparency and Why Does It Matter? An Ultimate Beneficial Owner (UBO) is the natural person who ultimately owns or controls a corporate entity, whether through direct shareholding, indirect control, or nominee arrangements. Under Hong Kong’s Anti-Money Laundering and Counter-Terrorist...

AML/CFT Case Study: Money Laundering Through Gold Bars and Trade – Vulnerabilities and Risk Mitigation for DNFBPs

In a recent landmark case, Singapore authorities sentenced South Korean national Kim Taek Hoon to 5 years’ imprisonment for orchestrating a sophisticated money laundering operation involving over SG$1.55 billion (approximately USD1.15 billion) in illicit funds. Between 2014 and 2017, Kim...

Updates on Companies Registry Guideline on AMLCFT for TCSPs

2025 New Updates on Companies Registry’s Guideline on AML/CFT for TCSPs – Overview and Practical Guidance to Comply with the Latest Requirements

The Companies Registry (CR) has updated the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) for Trust or Company Service Provider Licensees (TCSPs), set to take effect on 3 March 2025, in order to align with the latest international...

Understanding Trade-Based Money Laundering (TBML): Techniques, Case Study, Red Flags and Best Practices for Risk Mitigation

Trade-Based Money Laundering (TBML) is one of the most prevalent money laundering methods encountered by professional firms in the Designated Non-Financial Businesses and Professions (DNFBP) sectors. This method primarily involves exploiting the vast volume of global trade and the complexities...

Understanding Money Laundering Vulnerabilities and Due Diligence Practices for Charities and Non-Profit Organisations

In the realm of combating financial crimes, the efforts of Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) have become indispensable safeguards for organizations across various sectors. While traditionally associated with financial institutions, the imperative for robust AML/CFT practices extends...

Combating Concealed Beneficial Ownership & AML/CTF Risks in Trust and Company Service Providers (TCSPs) Industry in Hong Kong

Trust or Company Service Providers (TCSPs) play a crucial role in facilitating the establishment, administration, and management of trusts and companies. However, due to their involvement in financial transactions and corporate structures, TCSPs are vulnerable to exploitation by money launderers...