HONG KONG ACCOUNTING TAX LIMITED (TC001017)

The Licensee has contravened:

1. Section 5(1) of Schedule 2 to the AMLO, namely, the Licensee has failed to continuously monitor the business relationship with a customer by reviewing from time to time documents, data and information relating to the customer that have been obtained by the Licensee for the purpose of conducting customer due diligence to ensure that they are up-to-date and relevant.

2. Section 19(1) of Schedule 2 to the AMLO, namely, the Licensee has failed to establish and maintain effective procedures for determining whether a customer or a beneficial owner of a customer is a politically exposed person.

3. Section 20 of Schedule 2 to the AMLO on the record-keeping requirements.

4. Section 23 of Schedule 2 to the AMLO, namely, the Licensee has failed to take all reasonable measures to mitigate money laundering and terrorist financing risks.

Public reprimand and imposition of a pecuniary penalty of HK$10,000 (Decision Date: 31 May 2023)

Statement of Disciplinary Action