Hong Kong: Introduced Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022

On 6 July 2022, the Hong Kong legislative chamber introduced the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022. The bill aims to amend the current Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615). The bill would require virtual asset service providers (VASPs) to be registered by the Securities and Futures Commission. Registration is granted if the applicant is a locally incorporated company or a company registered under the Companies Ordinance, solvency is satisfactory, and the presence of two "responsible officers" is proven. Finally, licensed VASPs would be required to keep records of customer data and transactions.