The Financial Intelligence and Investigation Bureau (FIIB) hosted the first ever Anti-Money Laundering Seminar on January 16 for virtual asset trading platforms (VATPs) since the VATP licensing regime came into effect in June 2023. The seminar, which attracted about 45 compliance professionals from seven licensed VATPs and eight VATP applicants, aimed to enhance collaboration between the Force and the sector.

In her opening remarks, Chief Superintendent of FIIB Cheng Lai-ki mentioned that criminals exploited the characteristics of virtual assets to create complex layers in money laundering, posing significant challenges to law enforcement agencies and intensifying difficulties in financial compliance. The Force, therefore, promoted public-private partnership proactively to prevent and combat money laundering with VATPs jointly.

During the sharing session, a representative from the Joint Financial Intelligence Unit introduced Hong Kong’s existing system for reporting suspicious transactions, good anti-money laundering (AML) practices and the forthcoming novel system for reporting suspicious transactions. A representative from Cyber Security and Technology Crime Bureau also shared the practices regarding the virtual asset stop-payment mechanism and relevant AML measures to tackle money laundering, hoping to enhance the sector’s ability and efficacy in combatting financial crimes.

Senior Inspector of FIIB Chan Sze-wai introduces the Suspicious Transaction Reporting Regime.