Before we can act for you, Hong Kong law requires us to know who you are, who ultimately owns and controls your company, and what you intend to do. As a licensed Trust or Company Service Provider (TCSP), we must carry out customer due diligence (CDD), often called KYC ("know your customer"), under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615). We are supervised on this by the Companies Registry.
KYC is a legal requirement for us, not a choice: we cannot start work, or continue it, until it is complete. Your information is kept confidentially, and the same information is usually needed by banks, so preparing it well once saves time later.
What the law requires us to do
| Requirement | What it means for you |
|---|---|
| Identify and verify the customer | We need identity documents for individuals, and incorporation documents for companies |
| Identify the beneficial owners | We must identify the individuals who ultimately own or control the client (for a company, normally anyone with more than 25%) and take reasonable steps to verify them |
| Understand the purpose of the relationship | We ask what the company will do, where and with whom |
| Screen for sanctions and politically exposed persons | We check names against sanctions lists and identify politically exposed persons and their close associates |
| Apply enhanced measures where risk is higher | For example, source of funds and source of wealth evidence, and senior management approval |
| Monitor on an ongoing basis | We periodically refresh documents and ask about changes in ownership or activity |
| Keep records | We keep CDD records throughout the relationship and for at least 5 years after it ends |
Why we sometimes ask for more
The level of checks depends on risk. We may ask for more information where, for example:
- the ownership structure has several layers, trusts or nominee arrangements;
- a shareholder, director or beneficial owner is a politically exposed person, or closely associated with one;
- the business involves higher-risk sectors, cash-intensive activity or jurisdictions identified as higher risk;
- the expected transactions are large or unusual for the business described;
- documents are inconsistent, or information changes without explanation.
Asking for more is not an accusation. It is how the law expects a licensed provider to manage risk, and the same questions are usually asked by banks.
Certified copies
Where you cannot show us original documents in person, we ask for copies certified as true copies by a suitable certifier, for example a lawyer, notary public or certified public accountant. The certification should show the certifier's name, profession, contact details, signature and date. Documents not in English or Chinese need a certified translation.
Your information and confidentiality
- We use your information to meet our legal obligations and to provide the services you engage us for.
- We handle personal data in line with the Personal Data (Privacy) Ordinance (Cap. 486) and our privacy policy.
- We may be required by law to report suspicious transactions to the authorities, and the law prohibits us from disclosing that such a report has been made.
- You must tell us promptly about changes in ownership, control, directors or the nature of the business.
- A clear, tailored document checklist at the start, so you know exactly what is needed.
- Review of draft documents before you arrange certification, to avoid repeat requests.
- One named point of contact for all KYC questions.
- Periodic refreshes kept simple and scheduled in advance.
Our KYC document checklist sets out the standard documents for individuals and companies.
Official references
- Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), Schedule 2
- Companies Registry: Guideline on Compliance of AML/CTF Requirements for TCSP Licensees, www.cr.gov.hk
- Personal Data (Privacy) Ordinance (Cap. 486)