Counterparty
An opposite party in a contract or financial transaction or any individual or organisation utilising the services provided by the Service Provider.
Confidentiality
Duty imposed in conduct whereby individuals and companies must keep ‘customer’ matters confidential. Confidentiality can be overridden by customer consent or if the law requires disclosure. Breach of this duty and making an unauthorised disclosure in any other circumstance is a disciplinary matter.
Concentration Risk
Concentration risk primarily applies to the asset side of the balance sheet. As a common practice, supervisory authorities require financial institutions to have information systems to identify credit concentrations and set limits to restrict bank exposure to single borrowers or groups of related borrowers. On the liability side, concentration risk is associated with funding risk, […]
Commission
A fee is payable for purchasing or selling goods.
Comprehensive Sanctions
Sanctions prohibit all transactions and activity with a sanctioned country by the sanctioning country except in rare, specific instances.
Conflict of Interest
A conflict of interest is a circumstance in which personal or financial interests interfere with the objective and impartial performance of AML responsibilities. It can lead to biased decision-making or actions that jeopardise the effectiveness of anti-money laundering measures, regulatory compliance, and ethical standards inside financial institutions and regulatory agencies. Identifying and managing conflicts of […]
Countering the Financing of Terrorism (CFT)
Counter-terrorist finance (CTF), sometimes known as combatting terrorism financing (CFT), aims to halt the flow of illicit funds to terrorist organisations. It is closely related to anti-money laundering. To accomplish their goals, terrorist organisations require financial assistance and an adequate financial infrastructure. According to the International Convention for the Suppression of the Financing of Terrorism, […]
Compliance Officer
Compliance officers ensure that all organisational operations and procedures obey the law. A Compliance Officer ensures that a company’s operations comply with internal standards and the law. Businesses that do not have a Compliance Officer who should regularly monitor and drive compliance management are at risk of violating applicable rules and regulations, subjecting themselves to […]
Compliance
Compliance refers to the adherence to laws, regulations, guidelines, and standards relevant to an organisation’s operations and industry. In AML and CFT, compliance involves implementing policies, procedures, and controls to prevent, detect, and report suspicious activities that may include money laundering or terrorist financing. Compliance efforts aim to uphold legal requirements, mitigate risks, and maintain […]
Companies Registry (Hong Kong)
A government department under the Financial Services and the Treasury Bureau of the Government of Hong Kong. The Registry administers and enforces most parts of the Companies Ordinance. It registers local and non-Hong Kong companies and statutory returns and provides the public with services and facilities for inspecting and obtaining company information in the Companies […]