Notices
Published Date: 08 October 2021

Notice SFA 04-N20 to Specified Licence Holders and Specified Exempt Persons in relation to Cross-Border Arrangements under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism

Requirements for specified capital markets services licensees (“CMSLs”) and specified exempt CMSLs on anti-money laundering and countering the financing of terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Offices (“FOs”) under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.

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 a cross-border arrangement with their FOs 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 CDD measures by its FOs, 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 Entity.

Amendment Notes

There are no amendment notes for this notice.