... declaration of cross-border transportation of cash or bearer instruments  3 International AML Standards FATF Recommendations 2012  Renumber and restructure 40 recommendations  Adopting a risk-based approach FATF Methodology 2013  Other than “Technical Compliance (“TC”)” assessment, “Effectiveness...

... companies and licensed insurance agencies, and Chief Executives of all authorized institutions Dear Sirs, Joint inspection on the use of premium financing to take out long term insurance policies in Hong Kong The Insurance Authority (“IA”) and the Hong Kong Monetary Authority (“HKMA”) carried out a joint...

... prospective ILAS customer is conducted before the recommendation of any ILAS product. The recommended ILAS sales process has been set out in Appendix A (Investment-Linked Assurance Scheme (“ILAS”) Product Sales Flow (New Application)). The intermediary must also strictly follow the proper sales process as set...

... applied; obtained senior management approval on the IRA results;  a process to keep IRA up-to-date; and  appropriate mechanisms to provide IRA to the IA upon request 3 ML/TF Risk Assessment IRA (Cont’d) 4 Product/ service risk Delivery/ distribution channel risk Customer risk Country risk AML/CFT...

... applied; obtained senior management approval on the IRA results;  a process to keep IRA up-to-date; and  appropriate mechanisms to provide IRA to the IA upon request 3 ML/TF Risk Assessment IRA (Cont’d) 4 Product/ service risk Delivery/ distribution channel risk Customer risk Country risk AML/CFT...

... applied; obtained senior management approval on the IRA results;  a process to keep IRA up-to-date; and  appropriate mechanisms to provide IRA to the IA upon request 3 ML/TF Risk Assessment IRA (Cont’d) 4 Product/ service risk Delivery/ distribution channel risk Customer risk Country risk AML/CFT...

... Long Term Insurance, whilst the section on “Recommendation in Writing” of this Guidance Note is NOT applicable to the following types of Long Term Insurance policies to be recommended:- (a) term insurance policies; (b) refundable insurance policies providing hospital cash, medical, critical illness, or...

... Preparatory Works To prepare for the new regime, we are drafting new rules, codes and guidelines and developing a new computer system and online portal.  We have also set up a Working Group on Direct Licensing Regime for Insurance Intermediaries and two...