Money Laundering challenges in Hong kong

Hongkong has developed anti-money laundering measures. Hongkong is regarded as international and finacial center. It is a free market economy. Hongkong faces a lot of money laudering and financial crimes threat that are taking place at large.

In the last 10 years, the first point in the efforts of the countries in the region to internationalize their financial systems is the Hong Kong financial markets. For the FINTECH professionals in Hongkong the main aspect is to understand the major points in the business process.

AML Certification in Hong kong

Certified Anti-Money Laundering Professional (CAMP) course is designed to provide you with the basic AML concepts. This course is provided by Regtech Times Academy. Regtechtimes Academy in association with Riskpro Learning offers the Certified Anti Money Laundering Professional (CAMP) program to the international community.  It aims to present the importance of AML compliance while conducting the business. It will give one the legislative overview of AML. CAMP is one of the video based learning certification in the compliance domain.

Additionally, as Hongkong is facing the problem of money laundering at large, CAMP course will help them to provide with the overall compliance knowledge. The aspirants will also be able to combat the financial crime that are taking place in Hongkong.

Riskpro Learning offers Certification in Trade Based Money Laundering course which is a short-term video learning course in the AML domain. Trade finance is highly specialized area of knowledge. The AML analyst dealing with the TBML alerts often find it difficult to understand the complex documentation, products and pricing related issues. Hence, the objective of the TBML certificationis is that it will give one the knowledge of Anti-Money Laundering, financing of terrorism etc.

Learning outcome from Trade Based Money Laundering Course

The aspirants would get the understanding of the TBML framework as well as the principles. He/ she will get the knowledge of the overall Trade finance domain. Hence, this course would also provide one with the AML requirements in the financial institutions for dealing with the TBML activities for criminals.

Benefits from TBML Course

By doing this course, it would give the aspirants the practical life scenerio;s that occur in complaince, AML, Risk Based domains, the aspirants would get through understanding of Trade Based Money Laundering, how to identify the early warning signs of suspicious trade transactions, understanding the different methods used by the criminals for trade based money laundering.

To whom the Trade Based Money Laundering Course is Applicable

This course is applicable to the following aspirants:

  • Compliance Professionals
  • AML Specialists
  • Risk Management Professionals
  • Trade Finance Managers

Cost of AML Certification

Additionally, Certified Anti-Money Laundering Professional is an international Anti Money Laundering certification course. This course cost $300 for the aspirants who are willing to do this course. Email address to communicate with our team is education@regtechtimes.com

AML Regulations in Hong Kong

Like regions and countries all over the world, Hong Kong faces threats of money laundering and terrorist financing. Financial crimes have too many negative effects on financial systems. As a financial center, Hong Kong has effective AML laws and regulations to combat financial crime. Now A days anti money laundering activities in Hongkong are rising.

Hong kong Monetary Authority (HKMA) was the sole authority to combat money laundering till few years back. Some of the legislation in force in Hong Kong to combat financial crime include Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), the Drug Trafficking (Recovery of Proceeds) Ordinance (DTROP), the Organized and Serious Crimes Ordinance (OSCO). Therefore, there are the United Nations (Anti-Terrorism Measures) Ordinance (UNATMO) and the United Nations Sanctions Ordinance (UNSO). Hong Kong Financial Regulator creates these laws.

Customer Due Diligence and Record-keeping Requirements in Hong Kong

Banks, financial institutions, insurance agents and accounting firms operating in Hong Kong are subject to AML regulations. They must comply with AML CFT obligations. Some of these AML obligations are “Customer Due Diligence” and “Record Keeping”. Customer Due Diligence procedures are the controls that companies should apply when starting a business relationship with a customer. With these controls, a risk assessment is applied to the customer. When conducting a customer risk assessment, Know Your Customer procedures are applied first and the customer’s information is collected.

Therefore, One of the controls applied for risk assessment is sanction, PEP and adverse media screening. People mentioned in Sanction, PEP, TF risks and adverse media data are high-risk customer profiles for companies. Therefore, companies must check the customer on these data before starting a business relationship with a customer. Hence, the suspicious transaction report in Hong Kong reports the suspicious activity of customers detected in financial institutions.