Licensing system for trust or company service providers

After the implementation of Part 5A of the Anti Money Laundering and Counter Terrorist Financing Ordinance (Chapter 615) (hereinafter referred to as the 'Anti Money Laundering Ordinance'), the 'Trust and Company Service Provider Registration Office' under the Companies Registry (hereinafter referred to as the 'Registry') will implement and enforce a new licensing system for trust or company service providers. Trust or company service providers must also comply with the legal requirements regarding customer due diligence and record keeping. Anyone who operates trust or company services in Hong Kong without a license is guilty of a crime. Upon conviction, fines and imprisonment may be imposed.

According to the Anti Money Laundering and Counter Terrorist Financing Ordinance (Chapter 615) (hereinafter referred to as the 'Anti Money Laundering Ordinance'), anyone who operates or intends to operate trust or company services in Hong Kong must apply for a license. Anyone who operates trust or company services in Hong Kong without a license is guilty of a crime. Upon conviction, the maximum penalty is a fine of HKD 100000 and imprisonment for 6 months.