READY FOR THE ANTI-MONEY LAUNDERING (AML) REVIEW?

Since March 2018, Company Registry (CR) imply Guideline on Compliance of Anti-Money Laundering (AML) and Counter -Terrorist Financing (CTF) Requirements for Trust or Company Services Providers. On the whole, there has been total of 1800 of TCSP licenses issued within the past 1.5 year. While there has been 1024 TCSP licensed operator being interviewed. Additionally, total of 452 warnings given out to licensed holder and 32 firms has been prosecuted. 

In short the revelations shown CR is serious about enforcement & compliance with the AMLO’s AML/CTF regime. Besides the inspection process is likely to continue for Company Registry on-site inspection. 

What should you to prepare for CR-AML review?

 TCSPs supposes to read and study every line and comply with the following regulations: 

  • Schedule 2 of Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Cap. 615 (“the AMLO”)
  • Guideline on Compliance of Anti-Money Laundering and Counter-Terrorist Financing Requirements for Trust or Company Service Providers.

Centre O has prepared the key areas where a TCSP should focus on to prepare for the AML/CTF compliance inspection.

 1. AML/CFT Policy (APPC)

Firstly TCSPs should have adequate AML/CTF risk management, along with AML/CTF Internal Policies, Procedures and Controls (APPC). Hence, TCSPs should establish a policy document which called the AML/CTF Policy.  

This policy should contain: 

  • Customer Due Diligence (CDD) measures
  • Ongoing monitoring
  • making of suspicious transaction reports
  • record-keeping
  • risk assessment and management
  • audit of the internal policies, procedures and controls
  • monitoring and management of compliance with, and the internal communication of, the internal policies, procedures and controls
  • hiring and training of employees

2. Customer Due Diligence (“CDD”) 

The CDD is stated in Schedule 2 to the AMLO. The purpose of CDD is enable the TCSP to form a reasonable belief to know each customers’ true identity. Equally, by understanding the type of business and transactions the customer is likely to undertake. Depending on specific circumstances and risk profiles, TCSPs may also need to conduct additional measures (referred to as enhanced customer due diligence (“EDD”)). 

The CDD measures applicable to the TCSPs are: 

  • Identifying the customer, as well as, verifying the customer’s identity using documents, data or information provided by reliable and independent source;
  • Identifying and taking reasonable measures to verify the beneficial owner’s identity. Also, enable the TCSP to understand the ownership and control structure of the legal person or trust;
  • Obtaining information on the purpose and intended nature of the business relationship (if any) established with the TCSP. Unless the purpose and intended nature are obvious; and
  • Identify the person and taking reasonable measures to verify the person’s identity. As well as to verify the person’s authority to act on behalf of the customer.

3. Management Responsibility 

The TCSP should establish an organisational and reporting protocol in relation to AML/CTF. The reporting structure should include a Compliance Officer, preferably also a Money Laundering Reporting Officer (MLRO), and an Internal Auditor. These are key persons who are responsible for AML/CTF. Their names should show in the reporting structure as well as mentioned in the AML/CTF Policy. 

4. Risk Assessment 

Centre O recommends TCSPs perform an overall risk assessment of its clients. TCSPs can assess clients’ risks based on following

  • Customers type,
  • Type of services provided,
  • Transactions that the client engages in, or the countries or jurisdictions where the customers are from or in.

 5. Suspicious Transaction Reporting (STR) 

Once Compliance Officer found any suspicious trade. He or she should escalate to Management or report to Joint Financial Intelligence Unit (JFIU) of the Hong Kong Police. 

Every businesses are expecting that the auditors or regulators are coming. TCSPs can manage the AML/CTF compliance inspection process proactively. In fact, a more important thing to do is training and briefing your staffs. Make sure of everyone familiar with the policies and procedures before the inspectors arrive. The approach is to avoid any shortcomings, work out the remedial actions with the inspectors. 

For further information, please contact us. 

You may want to read: WHAT INFORMATION WILL YOUR TCSP LICENSED COMPANY SECRETARY NEED TO MEET THE COMPANY REGISTRY’S COMPLIANCES?

准备好接受反洗钱审查了吗？

自2018年3月起，公司注册处（CR）信托或公司服务提供者要遵从打击洗钱及恐怖分子资金筹集规定的指引。在过去的一年半里，公司注册处总共发放了1800份信托或公司服务牌照（TCSP许可证），虽然已有1024位TCSP许可的运营商正在接受采访，但公司注册处已发出452此警告，有32家公司被起诉。

简而言之，披露的情况表明，公司注册处对执行和遵守反洗钱组织的反洗钱/反恐融资制度是认真的。此外，检查过程可能会继续进行公司注册处的现场检查。

您应该为公司注册处打击反洗钱和恐怖分子资金凑集审查做好哪些准备？
 信托及公司服务持牌人要求认真阅读并遵守以下规定：

《打击反洗钱及恐怖分子资金筹集条例》（“ AMLO”）附表2第 615章
信托或公司服务提供者遵从反洗钱和反恐融资要求规定的指引。
Centre O 已经准备好了持牌人应重点关注的几大方面，为打击反洗钱及恐怖分子资金筹集审查做好准备。

 1.打击反洗钱及恐怖主义资金筹集制度AML/CFT Policy（APPC）
首先，信托或公司服务持牌人应当有充分的反洗钱/反恐集资管理，以及反洗钱/反恐基金内部政策、程序和控制（反洗钱及恐怖分子集资制度）
该政策应包含：

客户尽职审查措施
持续对客户进行监察
可疑交易举报
备存记录
风险评估与管理
内部政策、程序和控制的审核
监测和管理内部政策、程序和控制的遵守情况和内部沟通
雇用和培训员工

2.客户尽职调查（“ CDD”）
客户尽职调查的规定记载于《打击反洗钱条例》附表2中。客户尽职调查的目的是让信托或公司服务持牌人有合理理由相信他知悉每位客户的真实身份，充分了解该客户可能进行的业务类别及交易。根据具体情况和风险状况，信托或公司服务持牌人可能还需要采取其他措施（称为加强客户尽职调查（“ EDD”））。

适用于信托或公司服务持牌人的客户尽职调查措施是：

利用可靠及独立来源提供的文件、数据或信息来识别和证实客户的身份；
识别并采取合理措施去核实实际受益所有人的身份。另外，还可使信托或公司服务持牌人了解法人或信托的所有权和控制结构；
获取与该信托或公司服务持牌人建立的业务关系（如有）的目的和预期性质的信息。除非有关目的和预期性质是显而易见的；
识别此人的身份，并采取合理措施；核实此人代表客户行事的权限。

3.管理责任
信托或公司服务持牌人应该设立与反洗钱及恐怖分子集资制度和上报机构。上报结构应包括合规主任，最好也委任一名洗钱报告主任和一名内部审计员。这些是负责反洗钱及反恐集资审查的关键人员。他们的名字应在报告结构中，还有在反洗钱/反恐集资审查政策中提及。

4.风险评估
Centre O建议信托或公司服务持牌人可以根据以下内容来对客户进行风险评估：
客户类型，
提供的服务类型，
客户所涉及的交易类型，或客户来自哪个国家或司法管辖区。

 5.可疑交易报告（STR）
一旦发现任何可疑交易，信托或公司服务持牌人须向财富情报报告该宗交易。

信托或公司服务持牌人可以主动管理反洗钱/反恐集资合规审查的过程。事实上，更重要的事情应该是在审查人员到达前，对员工进行培训以及做好充分引导员工，确保每个人熟悉相关政策和程序。

如果您遇到相同的问题，请尽快与我们联系。
您可能想要了解：您的 TCSP 许可公司秘书需要哪些信息才能满足公司注册处的合规性？

香港金融管理局支援受疫情影响的中小企业

为应对新型冠状病毒疫情，香港金融管理局（金管局）与银行业积极合作，推出一系列措施来支援受影响的中小型企业（SME）和市民，协助社会各界渡过此次难关。

金管局如何协助银行支持客户？
金管局释放了1万亿港元的贷款空间
下逆转周期资本金1.5％个百分点
监管储备减半
延迟实施《巴塞尔协议III》新要求
不过，金管局也增加了银行体系的流动性
透过美联储回购安排，向本地银行提供美元
阐明金管局的流动资金安排
阐明流动性监管规定立场
设立银行业中小企业贷款协调机制，促进银行业支持经济
整体而言，银行的贷款今年首季总额增加超过6,500亿港元。

此外，金管局还通过以下方式为本地企业客户提供帮助：
金管局在五月推出了“预先批核还息不还本”计划，逾100家银行参与，并计划将延长至2021年4月底。此外，按证保险公司八成及九成信贷担保产品延迟至偿还本金措施延长至2021年3月底。因此，共49,000宗企业贷款“还本不还息”及其他纾缓已经批出，涉资5,900亿港元。该计划还协助不限于以下方面：

运输业的还款期延长
进出口业贸易融资额度获转现金透支额度
零售业客户获应收账款贷款
因此，金管会提供100%特别贷款保证，共收19000宗申请，贷款总额达310亿港元。

在今年首三个季度，银行授予中小企业整体信贷额度增加80亿港元。

支援个人客户
金管局接获21,000份纾困措施申请，涉资达370亿港元。措施包括：

住宅按揭还息不还本
为受疫情影响行业从业员提供应急贷款
延长个人贷款的还款期
宽减信用卡借款费用

如想了解更多信息，请与我们联系。

您可能想要了解：第三轮 240 亿美元的抗疫基金措施

Hong Kong Monetary Authority Supports to SME during the COVID-19

In response to the COVID-19 outbreak, Hong Kong Monetary Authority (HKMA) has working together with the banking sector.Subsequently, HKMA has taken a host of measures to support small-and-medium enterprises (SMEs) and individuals in need. HKMA has in an effort to help Hong Kong’s economy ride through these difficult times. 

How does the HKMA help local banks support their customers?

On the whole, the HKMA Released HK$1 trillion of lending capacity

  • Lowered the Countercyclical Capital Buffer by 1.5% percentage points
  • Cut Regulatory Reserves by half
  • Deferred Basel III requirements

Nevertheless, the HKMA also increased banking system liquidity

  • Provided U.S. dollars to local banks using repo transactions with the Federal Reserve
  • Clarified HKMA’s Liquidity Facilities Framework
  • Explained HKMA’s supervisory expectations on liquidity regulatory requirements
  • Set up the Banking Sector SME Lending Coordination Mechanism to facilitate banks to support economy

Overall, total loans of the banks increased by more than HK$650 billion in the first quarters this year.

In addition, HKMA also help local Corporate Customers by

The HKMA launched the Pre-approved Principal Payment Holiday Scheme in May and extended the scheme to end-April 2021, with over 100 participating banks. Besides, application period for principal moratorium for the 80% and 90% Guarantee Products of HKMC Insurance Limited (HKMCI) extended to end-Mar 2021. As a result, 49,000 applications for payment holiday and other relief measures granted worth HK$590 billion. The scheme also assisted not limited to as below:

  • Repayment period extended for the transportation sector
  • Trade financing lines converted into temporary overdraft facilities
  • Accounts receivables loans offered to retails sector

As a result, the HKMCI’s Special 100% Loan Guarantee, it has 19,000 applications and total amount loaned HK$31 Billion.

Overall credit line granted by banks to SMEs grew by HK$8 billion in the first 3 quarters this year. 

Individual Customers

The HKMA received 21,000 applications for relief measure. The total granted amount worth HK$37 billion. The measures including

  • Principle repayment holidays for residential mortgages
  • Relief loans offered to employees of hard-hit sectors
  • Extension of loan tenor for personal lending
  • Reduction of charges for credit card lending

For further information, please contact us. 

You may want to read: THIRD ROUND OF $24 BILLION ANTI-EPIDEMIC FUND MEASURES

在中国注册商业网站

中国已迅速成为世界上最大的电子商务市场之一。作为一名企业家，在进入中国市场时，注册你的商业网站似乎是必须要做的事情。但是，当你想在中国买一个域名的时候。域名必须向中国工业和信息化部（MIIT）备案。

如何在中国注册商业网站？
在中国设立子公司
企业家首先需要在中国设立子公司。无论是建立自己的网站，还是在天猫、京东等中国电子商务平台开设门店。当您完成网站注册和备案程序时，企业家需要向工信部提交营业执照复印件。

获取域名
选择域名是建立品牌或业务的最重要步骤之一。域名通常是人们最先看到的东西之一。事实上，一个好的域名可能会影响您的网站和品牌的印象。精心选择的域名可能会增加用户的兴趣并增加网络流量，但企业家必须向域名注册商或管理员核实他们是否获得了工信部的批准。

虚拟主机
网络托管是指在客户拥有或租用的服务器上提供空间，以及在数据中心中提供互联网连接的公司。企业家可以使用共享主机或虚拟专用服务器。这两种服务器的区别在于，企业家可以使用虚拟专用服务器来获得对服务器的更多控制。

互联网内容提供商（ICP）备案程序
根据中国政府的要求，所有在中国托管的网站都必须在工信部备案。申请人需要填写公司信息表并提交营业执照。备案程序可能需要3到20天才能获得商务部的批准。获得批准后，将为网站分配唯一的ICP记录代码，并表明该网站已被批准。

使用外国网站
如果企业家正在使用外国网站，或在中国境外托管网站，另外，该网站无需经过工信部的备案程序。很抱歉让您知道该网站在中国完全无法访问。或者简单地说，它无法在中国本地搜索引擎百度中找到。除非有人使用VPN软件来规避阻塞。

如想了解更多信息，请与我们联系。

您可能想要了解：办理中国商标注册的 5 个步骤

What information will your TCSP licensed Company Secretary need to meet the Company Registry’s Compliances?

What is the new Company Registry Compliances?

Since 1st March 2018, Hong Kong has implemented a new licensing regime for trust or company service provides (TSCPs). The commencement of Part 5A of the Anti-Money Laundering and Counter Terrorist Financing Ordinance (Cap 615) (AMLO). Therefore, when choosing a Company Secretary in Hong Kong. You have to ensure your Company Secretary have a valid TCSP License. If you are using a service from a non-licensed Service Provider, then you and your company may in trouble.

All the Company Secretaries and the other Service Providers have to comply with the TCSP requirement. In fact, they have to satisfy the statutory Customer Due Diligence (CDD) and record keeping requirement.

What information will your TCSP licensed Company Secretary will need to meet the Company Registry’s Compliances?

Centre O provides Company Secretary Service and with a valid TCSP License. We conduct and keep updating CDD for all our clients, including the following:

  • Preparation of CDD form and arranging of on-going monitoring
  • Keeping a record of Passport/HKID and Address Proof copies of all the Directors, Beneficial Owners and Significant Controllers of a company.
  • Significant Controller is a shareholder holding 25%+ of the shares of a company
  • Obtaining and maintaining up-to-date beneficial ownership information by way of keeping a Significant Controllers Registers.
  • Appointment of Designated Representatives for Significant Controllers Registers assistance and reflecting their contact details in the Registers.

How We handle Your Data?

On the whole clients are providing all the information and data; Centre O will keep it throughout the continuance of the business relationship. And a period of 5 years after the end of the business relationship. The practice is fulfilling the requirements of the AMLO and Hong Kong Personal Data Privacy Ordinance as well.

For further information, please contact us.

You may want to read: COMPANY REGISTRY IN HONG KONG HAS SANCTIONED APPROXIMATELY 1 IN 4 FIRMS DURING ANTI-MONEY LAUNDERING INSPECTIONS ON 1,800 TCSPS LICENSED OPERATORS

信托及公司服务提供者新许可证制度

新公司注册合规是什么？
自2018年3月1日起，香港实施新的信托或公司服务许可制度（TSCPs）。 《反洗钱和反恐怖主义融资条例》（第615章）（AMLO）第5A部分的生效。因此，在香港选择公司秘书时，您必须确保您的公司秘书拥有有效的TCSP许可证。如果您选择了无TCSP许可证的公司秘书的服务，那么您和您的公司可能会遇到麻烦。

所有公司秘书和其他服务机构必须遵守TCSP的要求。实际上，他们应该要满足法定的客户尽职调查（CDD）和保存客户记录的要求。

合资格的公司秘书应该要做什么？
Centre O 持有有效的TCSP许可证，并且能够提供专业的公司秘书服务。我们为所有客户完成并不断更新客户尽职调查，包括以下内容：

准备CDD表格以及持续追踪状况
保存公司所有董事、受益人和主要控制人员的护照/香港身份证和地址证明副本的记录。
重要控制人是持有公司25％以上股份的股东
通过保存重要控制人登记册，获取和不断更新公司的实际所有权信息。
任命重要控制人登记的指定代表，并在登记册中显示他们的联系方式，协助完成登记。

我们如何处理您的记录数据？
在整个业务过程中，Centre O会保管存放好客户提供的所有信息和数据资料，业务关系结束的五年后数据会被销魂。这项工作符合《香港个人资料私隐条例》的规定，保障您的信息资料安全。

如想了解更多信息，请与我们联系。

您可能想要了解：在对 1,800 名 TCSPS 持牌经营者进行反洗钱检查期间，香港公司注册处已批准了大约四分之一的公司

Registering your business website in China

China has rapidly become one of the biggest E-commerce markets in the world. As an entrepreneur, registering your business website may seem a must-to-do when entering the Chinese market. However, when you wanted to buy a domain name in China. The domain name must file the website with the Chinese Ministry of Industry and Information (MIIT).

How to register a Business Website in China?

  1. Set up a Subsidiary in China

Entrepreneurs will first need to set up a subsidiary in China. Whether to set up one’s own website, or open a store presence on Chinese e-commerce platforms such as Tmall and JingDong. Entrepreneurs need to submit their business license copy to MIIT. When you are completing the website registration and filing procedures. 

  1. Get a Domain Name

Selecting a domain name can be one of the most important steps in establishing your brand or business. The domain name is often one of the first things someone sees. In fact, a good domain name can affect the impression of your website and your brand. A carefully chosen domain name may increase user interest and drive web traffic. However, Entrepreneurs have to check with the domain name registrar or administrator whether they have the approval from MIIT. 

  1. Web Hosting

Web hosting are companies that provide space on a server owned or leased for use by clients. As well as providing Internet connectivity and typically in a data center. Entrepreneurs can use either Shared Hosting or Virtual Private Server. The difference between the two servers is that entrepreneurs are able to get more control of the server with a virtual private server. 

  1. Internet Content Provider (ICP) Filing Procedures

As per the requirement of Chinese Government all websites hosted in China have to file the website in MIIT. Applicants need to fill in the company information form and submit business license. The filing procedure may take 3 to 20 days to get the approval from the Ministry. After obtaining the approval, a unique ICP recording code will be assigned to the website. And indicating that the website has been approved. 

  1. Using a Foreign Website

If Entrepreneurs is using a foreign website, or hosting a website outside China. In addition, the website without going through the MIIT filing procedure. Sorry to let you know the website is completely not accessible in China. Or simply says it cannot be found in Baidu, China Local Search Engine. Unless someone is using VPN software to circumvent the blockage. 

For further information, please contact us.

 

You may want to read:  5 STEPS FOR PROCESS CHINA TRADEMARK REGISTRATION