Clarifications on the requirements under the Exemption Frameworks for cross-border business arrangements of capital markets intermediaries involving Foreign Related Corporations and Foreign Offices.
Notice SFA 04-N19 to Specified Persons in relation to Cross-Border Arrangements under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism
This notice applies to
- Capital markets services licensees (excluding venture capital fund managers);
- Exempt futures brokers and exempt over-the-counter derivatives brokers; and
- Banks, merchant banks, finance companies and insurers
that have entered into cross-border arrangements with their FRCs to conduct regulated activities under the SFA.It sets out the ongoing requirements for these Specified Regulated Entities in relation to their cross-border arrangements, to ensure that there are adequate internal policies, procedures and controls for ensuring that the performance of customer due diligence measures by the FRCs, in respect of customers under the arrangements, is consistent with the requirements set out under the relevant AML/CFT Notice applicable to the Specified Regulated Entities.
There are no amendment notes for this notice.