Highlights

As gatekeepers of the financial system, accountants play a vital role in combating money laundering and terrorist financing activities. Amendments to Hong Kong Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) Ordinance (AMLO, Cap. 615) became effective in 2023 and corresponding changes have been made to AML/CTF Guidelines issued by the Hong Kong Institute of Certified Public Accountants (HKICPA). In the 1.5-hour session, the speaker will:

➢Refresh participants’ memories on basic knowledge of AML/CTF, the relevant legislations and red flags of suspicious activities;
➢Introduce the 2023 amendments to AMLO and HKICPA AML Guidelines (e.g. change in definition of Politically Exposed Person (PEP) and introduction of risk-based approach for former PEP);
➢Elaborate the AML Guidelines requirements; and
➢Explain common deficiencies in applying the AML Guidelines requirements and provide suggestions to avoid them.

Speaker(s)

Mr Dennis Chan, CAMS, CCAS, CPA, FCCA, MSc

Dennis is a seasoned compliance specialist and is well-versed in AML/CTF compliance. He is the founder and director of Sensible Solutions Limited which specialises in providing AML/CTF compliance solutions and training services to CPA practices, TCSP licensees and other entities within the scope of AMLO. He has 10 years of working experience in the Quality Assurance Department of HKICPA and he established and led the AML/CTF Compliance Monitoring Review Programme within the statutory practice review function until 2022. Prior to launching his own business, he worked in the Compliance Office of a Big-4 firm where his main responsibility was to provide advice to engagement teams on compliance with the firm’s AML/CTF policies and AMLO.