Tricor clients with Hong Kong-incorporated companies in their corporate structure are advised to note the following and take immediate action.
The Companies (Amendment) Ordinance 2018 (the “Amendment Ordinance”) will come into operation on 1 March 2018.
Under the Amendment Ordinance, companies incorporated in Hong Kong SAR are required to maintain a Significant Controllers Register (「重要控制人登記冊」or “SCR”) that contains particulars of significant controllers (“SCs”) — registrable persons and/or registrable legal entities with significant control over the company.
This is one of two amendment ordinances (the other being the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance 2018) to be implemented by Hong Kong SAR to strengthen its regulatory regime in anti-money laundering and counter-terrorist financing (“AML/CTF”).
In introducing these new requirements, Hong Kong SAR is strengthening its position as an international financial centre and is fulfilling its international obligations as a member of the Financial Action Task Force – an inter-governmental body that sets international standards on AML/CTF.
This TechNews introduces the new requirements of the Amendment Ordinance relating to SCR.