Coraleus Limited is a reputable Hong Kong based AML compliance consulting company.
The management of Coraleus Limited all possessed considerable experience in advising institutions of all types on the knowledge, design and implementation of their AML/CFT Compliance Programmes, and conducting independent audits on their clients’ AML/CFT Compliance Program.
How Coraleus can help…
To evaluate the adequacy and effectiveness of the client’s current AML policies, controls and procedures to ensure compliance with the Guidelines issued by the Hong Kong Company Registry (CR) and other local regulatory bodies.
An independent audit report with recommendations for follow-up actions will be provided. Our Audit Director shall report findings to the client’s management and suggest remedial actions to address those deficiencies.
To follow up with the client on how those remedial actions can be implemented before the license renewal deadline.
The purpose of an AML compliance consulting to Money Lenders. Do you need one?
Based on FATF’s recommendations, the Companies Registry issued a revised Guideline on Compliance of Anti-Money Laundering and Counter-Terrorist Financing Requirements for Licensed Money Lenders in September 2020.
Due to the tighter vetting process from this guideline, licensed money lenders particularly need:
To establish an effective AML risk assessment framework based on the risk-based approach principle
To set up a review and audit function to which the frequency and extent of the review have to be clearly stated
To set up a suspicious transaction reporting system
To establish an Independent Audit Function
To follow Regulatory Requirements update and update workflow
Moreover, the regulatory body may conduct random on-site inspections and pre-license-renewal checking. Therefore, licensed money lenders should regularly assess and review their AML/CTF policies.