- AML Statement
Wisdom Alliance Wealth Management Limited AML Statement:
In order to meet the legal and regulatory requirements and to protect the company’s resources and reputation, the Company has adopted policies and procedures to combat Money Laundering and Financing of Terrorism. The AML/CFT and KYC policy mandates of the Company are set to comply with the Anti‐Money Laundering laws and regulations required by Insurance Authorities of Hong Kong. Activities, such as:
- Risk Assessment
- KYC and basis for customer identification
- Verification of resources of funds
- Record keeping
- Ongoing & monitoring of relationships
- Identifying & reporting of suspicious transactions.
- AML/CFT Training
According to the AML/CFT regulations the Company is required to:
- Formulate and implement internal controls and other procedures that will deter criminals from using its facilities for money laundering and terrorist financing and to ensure that its obligations under existing laws and Regulations are met
- Appoint Compliance Officer (CO) and Money Laundering Reporting Officer (MLRO).
- Establish procedures for verifying the identity of clients 'Customer Due Diligence' (CDD).
- Establish risk based system to identify and monitor suspicious transactions.
- Establish internal and external suspicious transactions reporting procedures.
- Train employees on the procedures for recognizing and reporting suspicious transactions.
- Train employees on their legal obligations and responsibilities in this area.
- Establish record‐keeping procedures to ensure evidences of client identity and transactions are maintained.
All our employees, including Executive Director and Responsible Officer, are responsible for the implementation of this policy. In particular, the Company’s AML/CFT policy mandates the following:
- Accounts shall only be opened for individuals whose identity has been verified in accordance with the CDD/KYC requirements set out in the AML/CFT and KYC policy mandates of the Company.
- Clients’ personal information and evidence of identity and business relations shall be maintained for a minimum period of five years after the date of termination of the relationship with the Company.
- The Company shall check the entire details of customers and beneficiaries against applicable sanctions databases.
- All employees shall be alert to suspicious transactions and shall be documented and communicated to managements.
- All employees shall receive initial and continuous training to ensure awareness of anti‐money laundering and counter financing of terrorism (AML/CFT).
- The Company shall not hire any individual previously suspected of involvement in money laundering activities, terrorist financing.
- Periodic training is provided to all Staff members at least Three times annually; relevant new employees are given AML/CFT training within three months of joining the Company.
- Periodic AML inspection conducted to review the extent of the company’s compliance with the AML/CFT requirements of the IA.
- The Company has established a procedure to ensure that all potential clients’ names are screened against identified lists issued by various regulatory bodies and organizations such as the United Nations, OFAC (US Department of Treasury).
- The Company has established procedures to report suspicious/unusual transactions internally to the MLRO, as well as external reporting by the MLRO to the Regulatory Authorities.
Wisdom Alliance Wealth Management Ltd.