Transcription of (For Stored Value Facility Licensees)
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(For Stored Value Facility Licensees)
Guideline on Anti-Money Laundering and Counter- Financing of Terrorism (For Stored Value Facility Licensees). Revised September 2020. CONTENTS. Page OVERVIEW ..1. Chapter 1 Stored Value Chapter 2 Risk-based Chapter 3 AML/CFT Systems ..27. Chapter 4 Customer due diligence ..32. Chapter 5 Ongoing monitoring ..61. Chapter 6 Terrorist financing, financial sanctions and proliferation financing ..65. Chapter 7 Suspicious transaction reports and law enforcement requests ..70. Chapter 8 Chapter 9 Staff training ..81. Chapter 10 Wire transfers ..84. Appendix Limits for conducting CDD for SVF products ..89. Glossary of key terms and OVERVIEW. Introduction 1. This Guideline is published under section 54(1A)(b) of the Payment Systems and Stored Value Facilities Ordinance (PSSVFO) and takes effect on 2 July 2021. 2. Terms and abbreviations used in this Guideline should be interpreted by reference to the definitions set out in the Glossary part of this Guideline.
Sch. 3, PSSVFO . 18. Under section 8G of the PSSVFO, licensed banks are regarded as being granted a licence for the issue of SVF or facilitation of the issue of SVF and they are required to have adequate and appropriate systems of control for preventing or combating possible ML/TF under section 6, Part 2 of Schedule 3 to the PSSVFO. For the
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