Title “New Compliance Training Program for Insurance and Financial Intermediaries in Hong Kong: Understanding AML & CTF Regulations”

Introduction

Hong Kong, [City] - A new compliance training program is now available for insurance and financial intermediaries in Hong Kong, focusing on the latest AML & CTF (Anti-Money Laundering and Counter-Terrorist Financing) regulations as outlined in the Financial Institutions Ordinance and OCI’s Guidance Notes 3 and 3A.

About the Program

Initiated by [name of the organization], this intensive course aims to:

1. Equip participants with the required knowledge and skills to understand and apply AML & CTF regulations,
2. Provide insights into the Risk-Based Approach and Customer Due Diligence frameworks.

Who Should Attend

The program is open to insurance intermediaries, individuals responsible for advising on financial products, and executives in charge of compliance and marketing promotion.

Objectives

Participants will:

1. Develop a comprehensive understanding of AML & CTF requirements for insurance intermediaries.
2. Learn how to establish effective policies and procedures to comply with AML & CTF legislations and guidelines.
3. Gain insight into managing risks associated with Politically Exposed Persons (PEPs).
4. Understand the importance of risk assessment and record-keeping, as well as Suspicious Transaction Reporting (STR).
5. Learn about the staff training requirement as outlined in OCI’s Guidance Note 3.
6. Participate in a self-assessment session to evaluate organizational compliance with the AML Guideline (Broker).

Course Contents

Establishing Policies and Procedures for AML & CTF Regulations and Guidelines

• Understanding of the Financial Institutions Ordinance and OCI’s Guidance Notes 3 and 3A.
• Developing a Compliance program and policies.

Customer Due Diligence: Risk-Based Approach

• Identifying and assessing customers’ risks.
• Developing a risk profile.

Introduction and Identification of Politically Exposed Persons (PEPs)

• Definition and categorization of PEPs.
• Red flags and enhanced due diligence process.

Risk Assessment and Periodic Re-Assessment

• Assessing the risk level of customers and transactions.
• Periodic re-assessment of risk profile.

Record-Keeping and STR Procedures

• Maintaining accurate records.
• Understanding the Suspicious Transaction Reporting process.

Staff Training Requirement

• Awareness of the training necessity.
• Developing and implementing an effective training program.

Self-Assessment on Compliance with AML Guideline (Broker)

• Evaluating your organization’s compliance status.

Co-Organized with PIBA

This program is co-organized with the Professional Insurance Brokers Association (PIBA), allowing participants to earn IA-CPD credits.

Conclusion

Join the essential learning experience to ensure your organization remains compliant with the latest AML & CTF regulations.