On 23 December, the Securities and Futures Commission (SFC) released consultation conclusions on proposed customer due diligence requirements for open-ended fund companies (OFCs). In the consultation, the SFC had proposed that OFCs should be required to appoint a responsible person to carry out anti-money laundering/counter-terrorist financing functions as stipulated under Schedule 2 to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), similar to the requirements imposed on limited partnership funds under the Limited Partnership Fund Ordinance (Cap. 637) (LPFO). Under the LPFO, the responsible person must be an authorized institution, a licensed corporation, an accounting professional or a legal professional. Following the consultation, the SFC will proceed with legislation to implement the proposal. Please refer to the press release for details. |