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Hong Kong Securities And Futures Commission Concludes Consultation On Customer Due Diligence Requirements For Open-Ended Fund Companies

Date 23/12/2020

The Securities and Futures Commission (SFC) today released consultation conclusions on proposed customer due diligence requirements for open-ended fund companies (OFCs) (Note 1).


The SFC will implement the proposal to require OFCs to appoint a responsible person to carry out anti-money laundering and counter financing of terrorism (AML/CFT) functions (Note 2), in line with the Financial Action Task Force’s principles and requirements as well as to better align the AML/CFT requirements for different investment vehicles for funds in Hong Kong.

Upon the completion of the legislative process, the new requirements will come into effect after a six-month transition period.

Notes:

  1. On 2 September 2020, the SFC launched a one-month Further Consultation on customer due diligence requirements for OFCs.
  2. OFCs will be required to appoint a responsible person to carry out AML/CFT functions as stipulated in the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The requirements are similar to those imposed on limited partnership funds under the Limited Partnership Fund Ordinance.
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