HONG KONG DAIYAN REGISTRATIONS LIMITED (TC005380)

The Licensee has contravened:

1. Condition 2 of the licence imposed by the Registrar of Companies pursuant to section 53J of the AMLO, namely, the Licensee has failed to put in place adequate and proper anti-money laundering and counter-terrorist financing policies, procedures and controls, as evidenced by policy statement(s) or other written documents.

2. Section 53U(1) of Part 5A of the AMLO, namely, a person has become a director of the Licensee without prior written approval of the Registrar.

3. Section 53W(1) of Part 5A of the AMLO, namely, the Licensee has failed to notify the Registrar of changes in its particulars within 1 month beginning on the date on which the changes take place.

4. Section 9 of Schedule 2 to the AMLO, namely, the Licensee has failed to carry out the special requirements when customer is not physically present for identification purposes.

5. 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.

6. Section 19(3) of Schedule 2 to the AMLO, namely, the Licensee has failed to establish and maintain effective procedures not inconsistent with the AMLO for the purpose of carrying out the duties under sections 3, 4, 5, 9, 10 and 15 of Schedule 2.

7. Section 23 of Schedule 2 to the AMLO, namely, the Licensee has failed to take all reasonable measures to ensure that proper safeguards exist to prevent a contravention of any requirement under Part 2 or 3 of Schedule 2; and to mitigate money laundering and terrorist financing risks.

Public reprimand, order for remedial action and imposition of a pecuniary penalty of HK$37,000 (Decision Date: 6 June 2024)

Statement of Disciplinary Action