HKFA Clearing Limited (HKFA Clear) is delighted to announce that on 7 July 2020, HKFA Clear was awarded the "Trust or Company Service Provider Licence" (TCSP) by the Hong Kong Companies Registry in accordance with the Hong Kong Special Administrative Region Law Chapter 615, "Anti-Money Laundering and Terrorist Financing Ordinance" (AMLO), to provide four types of regulated trust or company service business in Hong Kong, including trust and custodian services.
With the awarding of TCSP, HKFA Clear will strictly abide by the " Guideline on Compliance of Anti-Money Laundering and Counter-Terrorist Financing Requirements for Trust or Company Service Providers” and other relevant laws and regulations (New Regulations) to carry out business, including the performance of customer due diligence and continuous customer monitoring to fulfil our responsibilities of being a licensed service provider. HKFA Clear has completed the updating of the Account Registration Form and Terms and Conditions for products and services in accordance with the New Regulations.
When implementing the New Regulations, HKFA Clear has the right to require existing customers to submit supplementary documents in accordance with the requirements of the New Regulations, otherwise, HKFA Clear may have to terminate the provision of services to such customers. As the customers of Authorised Trading Platforms (ATPs) are not customers of HKFA Clear, the awarding of TCSP and the implementation of the New Regulations will not affect their continued use of ATP services. For dealers who purchase products directly from HKFA Clear and make direct payment to HKFA Clear through UnionPay International payment system or overseas (including Hong Kong) remittance system, they are deemed to be customer of HKFA Clear and therefore account with HKFA Clear should be opened before services. Other customers who trade and transfer funds on ATPs do not need to open separate accounts with HKFA Clear as no services are provided by HKFA Clear.
The purposes of applying TCSP are to improve the service quality and enhance the safety and protection of customers' assets. Please contact HKFA Clear for any inquiries.
HKFA Clearing Limited
7 July 2020