AML & Economic Sanctions

Overview

In our Anti-Money Laundering (“AML”) & Economic Sanctions practice, we advise financial institutions on compliance with Hong Kong anti-money laundering laws, including the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (“AMLO”), the Organized and Serious Crimes Ordinance (“OSCO”), the Drug Trafficking (Recovery of Proceeds) Ordinance (“DTRPO”) and the United Nations (Anti-Terrorism Measures) Ordinance (“UNATMO”) as well as on economic sanctions. Our AML and Economics Sanctions practice is part of our Financial Services Regulatory practice that has been consistently recognized and recommended by independent editorial publications, including the International Financial Law Review 1000 (ILFR1000), the Legal 500, Chambers and Partners and Asialaw Profiles.

Our work includes advising on the following:

• assisting clients in complying with customer due diligence (“CDD”) requirements (know-your-client or KYC requirements) and record keeping requirements under the AMLO

• helping clients understand and comply with regulatory guidance on AML, including the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Corporations) issued by the Securities and Futures Commission (“SFC”), the Guideline on Anti-Money Laundering and Counter-Terrorist Financing (GL3) issued by the Insurance Authority (“IA”) and the Supervisory Policy Manual (AML-1) on the Supervisory Approach on Anti-Money Laundering and Counter-Financing of Terrorism issued by the Hong Kong Monetary Authority (“HKMA”)

• representing clients on money service operator (“MSO”) licensing requirements under the AMLO, whether as a money changing service or a remittance service, and assisting clients to make MSO licensing applications to the Hong Kong Customs and Excise Department

• advising clients on the United Nations Sanctions Ordinance (“UNSO”) and the application in Hong Kong of United Nations (“UN”) sanctions as well as United States sanctions under the Office of Foreign Assets Control (“OFAC”)

• advising clients on Hong Kong import and export controls under the Import and Export Ordinance (“IEO”)