Hong Kong’s Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 has been passed.
The Bill will introduce the following in phases in Q2/2023 to allow firms to prepare for the new regulatory requirements:
- Licencing procedures for virtual asset service providers (effective from 01.06.2023),
- Two-tier registration regime for dealers in precious metals and stones (effective 01.04.2023).
Relevant firms operating within Hong Kong should be aware of these requirements and take appropriate action.