COMPLIANCE

Financial institutions will need to apply licenses if they carrying on a business in a regulated activity in Hong Kong. SFC stipulates 10 types of regulated activities which require licenses:

  • Type 1 Dealing in securities
  • Type 2 Dealing in futures contracts
  • Type 3 Leveraged foreign exchange trading
  • Type 4 Advising on securities
  • Type 5 Advising on futures contracts
  • Type 6 Advising on corporate finance
  • Type 7 Providing automated trading services
  • Type 8 Securities margin financing
  • Type 9 Asset management
  • Type 10 Providing credit rating services

 

GCC professional team understand the importance and implication of license application for financial institutions. We assist our clients and handles different licence applications, including SFC licenses for the 10 types of regulated activities, licenses for bank, PIBA (Insurance brokerage), Money Lenders and overseas SFC licenses (Singapore and Australia), Trust company (Hong Kong and Australia), participation in HKEx etc. Our services include:

  • Compliance Advisory for application
  • Provisions of advice for business plan and corporate structure and advice on the key areas that regulatory authorities take into consideration when granting licenses
  • Provision of advice for requirements for Responsible Officers (ROs) and assisting management with identifying qualified ROs
  • Preparation and handling of licensing application
  • Preparation of compliance policies and procedures for the purpose of application
  • Act as the main contact between regulators and clients
  • Negotiation of licensing condition and notify regulators for all relevant changes

Know Your Customer (KYC) is an essential practice to protect financial institutions from fraud and losses resulting from illegal frauds and transactions. KYC is a part of the Anti-Money Laundering (AML) and it refers to different procedures the financial institutions adopt to establish customer identity and to understand the nature of customer’s business activities, in order to asses the money laundering risks associated with the customers. Leverage our specialists’ extensive experience in the financial institutions, GCC AML & KYC solutions assist our clients with:

  • Provisions of review and advice on
    • the updated of client’s AML procedures and policies documentation;
    • client’s customer on-boarding;
    • ongoing client’s customer account maintenance;
  • Evaluation of client’s independence AML oversight capability
  • Evaluation of the effectiveness, shortfalls, and high-risk areas of client’s existing AML approach
  • Training on AML and KYC

 

Financial authorities continue to enhance the regulatory scrutiny to govern the financial institutions. Drawn from leading financial institutions, regulators and authorities guides our clients to develop, GCC team of professionals assist our clients to implement their compliance programs that are in line with the regulatory requirements, and to ensure they obtain the best available information on compliance.

GCC provides tailored advice and ongoing support to our clients seamlessly and ensuring the solutions are innovative and cost-effective. Our ongoing compliance and advisory supports include:

Compliance & Advisory Support:
– Provisions of compliance consultation
– Execution of regular site visit in preforming compliance testing
– Provision of review and advice on the update of the compliance policies and procedures from time to time to match the up-to-date regulatory requirements
– Facilitation of interactions with regulators
– Preparation for the monthly financial return to SFC
– Provisions of AML & KYC review
– Provisions of risk assessments of corporate operations
– Provisions of advice on new product/ new business proposals from a regulatory perspective
– Ad hoc compliance advice assistance

With our extensive knowledge about the market and the complex regulatory environment, we provide sophisticated compliance training programs, both online and offline, for our clients, to ensure their corporation and their staffs stay alerted and informed about the regulatory changes. Our training include:

  • Facilitation in developing a comprehensive compliance management system for internal use
  • CPT Compliance training for management level and personnel who are interested in the field of compliance and regulation
  • AML and KYC training
  • Preparation for regulatory inspection