What is FATF? | 什麼是防制洗錢金融行動工作組織?

“With such a long processing period, why did the bank request so many documents?” When aiding our clients in opening a bank account, we are frequently asked similar questions. But do you know why the opening procedure is so difficult? Because Hong Kong is a member of the Financial Action Task Force (FATF), the authorities must guarantee that all money transactions meet FATF requirements. Let’s find out what FAFT is:

FATF establishes an international standard and examines national legislation to avoid illicit conduct. FAFT has devised many criteria to fight organized crime such as terrorism, illegal drugs, people trafficking, and armament funding, with over 200 countries and regions committed to implementing it. Hong Kong is an international financial center that facilitates a large number of everyday transactions from all over the world. Following an assessment of the anti-money laundering scheme, FAFT proposed some restrictions that Hong Kong implement.

  • The lack of statutory backing for customer due diligence and record keeping requirements;
  • The lack of regulatory and enforcement power of financial institution regulatory bodies in respect to regulatory compliance;
  • The lack of appropriate criminal/civil sanctions; and
  • The absence of an anti-money laundering regulatory regime for remittance agents and money changers.

According to the ordinance, all bank account applicants must show business proof as well as personal paperwork to meet the bank’s standards. The checking will be stringent, especially for freshly incorporated companies, but it does not mean you can ignore the business proof scanning. The new company, as described in the last blog, also includes a document preparation list. If you have any questions, you can find it here or email us.

Hong Kong is coming back. No idea how to set up your business in Hong Kong? KPC Business Centre has 14 years of experience assisting the new startup company with our one-off corporate services. Mail [email protected] / Whatsapp us at +852 9130 2236 for your questions if you are confused with the company incorporation.

“這麼長的處理週期,為什麼銀行要這麼多文件?”在協助客戶開立銀行戶口時,我們經常會被問到類似的問題。但是你知道開戶手續為什麼這麼困難嗎?由於香港是金融行動特別工作組 (FATF) 的成員,當局必須保證所有貨幣交易都符合 FATF 的要求。讓我們找出什麼是 FAFT:

FATF 制定國際標準並審查國家立法以避免非法行為。 FAFT制定了多項打擊恐怖主義、非法毒品、販賣人口、軍備資金等有組織犯罪的標準,已有200多個國家和地區承諾實施。香港是一個國際金融中心,為來自世界各地的大量日常交易提供便利。在對反洗錢計劃進行評估後,FAFT 提出了香港實施時出現的一些限制。

  • 客戶盡職調查和記錄保存要求缺乏法定支持;
  • 金融機構監管機構在監管合規方面缺乏監管和執法權力;
  • 缺乏適當的刑事/民事制裁;和
  • 缺乏針對匯款代理人和貨幣兌換商的反洗錢監管制度。