Amendments made to The Hong Kong Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) in 2022 partially entered into force on April 1st 2023.
The amendments introduce:
➡️ A two-tier registration regime for Dealers in Precious Metals and Stones [PMS]: Any person seeking to carry on a PMS business in Hong Kong and engage in any transaction(s) making or receiving payments with a total value at or above HKD120,000 in Hong Kong is now required to register with the Commissioner of Customs and Excise.
Further amendments introducing a licencing regime for Virtual Asset Service Providers [VASPs] will enter into force on 1st June 2023.
Relevant firms with operations in Hong Kong should take note of the amendments which have now come into force and take appropriate action.