IMPORTANT NOTICE – URGENT ACTION REQUIRED
Dear Sir / Madam,
Anti-Money Laundering and Licensing of Trust or Company Service Providers
With the enactment of Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)(Amendment) Bill 2017 (“the AML Bill”) on 24 January 2018, the Hong Kong Companies Ordinance (Cap. 622) is amended to require all companies incorporated in Hong Kong to maintain a “Significant Controllers Register” (“SCR”) for inspection by Law enforcement officers upon demand. This statutory requirement has been effective from 1 March 2018.
The Company is also required to designate a representative to serve as a contact point for providing information about the SCR and related assistance to law enforcement officers. The designated representative must be either a shareholder/member, director or an employee of the Company. He/She muse be a natural person resided in Hong Kong or the representative can be an accounting/legal professional or a person licensed to carry on a business as Trust or Company Service Provider (“TCSP”).
Failure to comply with the above requirements is a criminal offence. The Company and each of its responsible person will be liable to conviction to a fine of up to HK$25,000 and a daily fine of HK$700. If the SCR provides any false and incorrect information, a conviction, the person commits the offence will be liable to a fine of HK$100,000 to HK$300,000 and imprisonment for 6 months to 2 years.
We offer the service to prepare the SCR for our client with scale charge for initial set up and subsequent yearly due diligent procedure (except certain enhance due diligent under requirement by Laws). In addition, we offer to act as the designated representative with certain condition fulfilled on a retainer service basis. Please inform us immediately if you require any of our assistance for the above matter.
Should you require further information, you may visit https://www.tcsp.cr.gov.hk/tcspls/index.
Yours truthly,
R & J Secretarial Limited
4 March 2018