ComplianceAsia, an independent consulting firm that offers regulatory and compliance consulting services in Asia, recently announced that they have partnered with Suzanne Callister, former chair member of STEP Hong Kong, a global association that offers trusts and succession planning, to create Anti-Money Laundering (AML) Compliance Services called AML Services Limited that will help companies in Hong Kong comply with the new additions to the AML Ordinance that went into effect last month. These new additions will require that non-financial businesses and professions, such as real estate agents, accountants, law firms and company secretarial firms, comply with the same AML and Counter Terrorist Financing (CTF) regulations that financial services firms do. AML Services Limited claims to be cost-effective while still being compliant with regulations and provides clients with policy and procedure guidelines, sanction and client risk assessments, screening services and client on-boarding documentation.
Suzanne Callister, who has worked in the corporate, trust and fund industry her entire career including serving at Alter Domus and Head of Asia Pacific, has the past experience necessary to understand the difficulty companies face while complying with regulations and also trying to be cost-effective to stakeholders at the same time. Callister stated that the AML Services Limited was created with costs to companies in mind and that, “AML Services will guide companies when the Hong Kong regulations come into force and support their growth to allow them to be fully compliant.”
With AML Services Limited, ComplianceAsia hopes to use its past experience helping clients comply with the AML Ordinance in order to create a service that reaches the new sectors that are now being impacted. Alex Duperouzel, Managing Director of AML Services Limited, stated “We are pleased to roll out a group company dedicated to ensuring full and cost-effective compliance with the new AML regime. We have worked with these rules for our broking and asset management clients for a long time and the extension into other industry sectors is something we can apply that experience to.”
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