Hong Kong service providers will have to obtain a license

Hong Kong service providers will have to obtain a license

Anti-Money Laundering Act was published with new set of rules and amendments, which are  very helpful for the legal development of Hong Kong according to the international requirements of the FATF.

The document indicates the mandatory obligation to have license for providers of corporate and trust services.

Service providers will be required to fulfill the requirements for verification and identification of customers, as well as to maintain documentation.

Maintenance of a service provider without a license will lead to high fines.

The license will be valid for 3 years, then it can be extended. Every beneficial owner and director of the company will have to pass "fit and proper test", which is aimed to understand that the applicant has no criminal records under AML legislation, to check if the client is bankrupt or terrorist.

As of January 1, 2018, this Law will come into force, and from that moment, service providers will have 90 days to receive the appropriate license.

For more information, contact Law & Trust International. Consultations are handled by phone, by chat or during a personal interview at the company's office.