What Hong Kong Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap 615) requires
The Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap 615, Ordinance No. 27 of 2011) is Hong Kong's principal AML / CTF statute. The Ordinance was in force from 1 April 2012 and has been materially extended by the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022 which came into force on 1 June 2022 introducing the VASP (Virtual Asset Service Provider) licensing regime, a designated non-financial business and profession (DNFBP) regime for dealers in precious metals and stones (DPMS), and recalibrating customer due diligence obligations to align with FATF Recommendation 16. The Ordinance is organised in five Parts and two Schedules. Part 1 sets the interpretation including definitions of financial institution (banks, deposit-takers, money services operators, stored-value-facility licensees, securities and futures brokers, insurance entities), DNFBP (legal professionals, accountants, real estate agents, TCSPs trust or company service providers, DPMS dealers), money laundering, terrorist financing and politically exposed person. Part 2 sets the customer due diligence and record-keeping requirements (Schedule 2 specifies the operational rules including identify customer, identify beneficial owner, understand purpose and intended nature of business relationship, ongoing monitoring, simplified vs enhanced due diligence triggers, PEP screening, source of funds, suspicious transaction report STR to the Joint Financial Intelligence Unit JFIU). Part 2A (inserted 2022) sets the SFC licensing regime for VASPs. Part 3 vests supervisory authority in the HKMA (for AIs), SFC (for licensed corporations and VASPs), Insurance Authority (for insurers), and Companies Registry (for DNFBPs other than legal/accounting). Part 4 sets the search and seizure powers. Part 5 sets criminal offences for breach (failure to perform CDD up to HKD 1 million fine + 2 years imprisonment; defraud the supervisor / obstruction with higher penalties). The Drug Trafficking (Recovery of Proceeds) Ordinance Cap 405 and Organised and Serious Crimes Ordinance Cap 455 provide the predicate STR offences.
Pillar: Financial Crime, AML & Sanctions · Authority: Department of Justice (HKSAR) via HKLII (Hong Kong Legal Information Institute) mirror of e-Legislation · Version: 1.0.0 · Last updated:
Primary source: https://www.hklii.hk/eng/hk/legis/ord/615/index.html
SHA-256 integrity: 7f7716b81ca5b1bbe5ed29b58bf81fc36f5000979b0c99145fb8f7cdd2eff50f
Primary Citations — 11 traced to source
- Anti-Money Laundering and Counter-Terrorist Financing Ordinance Cap 615, Pt 1 - Interpretation
- AMLO Cap 615, Pt 2 - Customer due diligence and record-keeping
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