In October 2020, Companies Registry (Hong Kong) (CR) revised the latest guidelines for licensed money lenders in comply with the latest Anti-Money Laundering(AML) and Terrorist Financing Requirements. The guidelines mention that money lenders need to use an effective AML system to conduct name screening of their customers, to identify sanctions targets, politically exposed persons and/or financial criminals.
Complying with the guidelines is crucial for money lenders to apply or renew Money Lenders Licence. We understand that small-size lenders are lack of resources to fulfill requirements in implementing AML measures and affording expensive name screening systems. Therefore, Finfo Union and TESS Asia co-developed a new Name screening platform – RBA essential, a lower cost and simpler solution of customer screening for money lenders to fulfill the AML requirements of CR.
RBA Essential is a customized solution to assist the Designated Non-Financial Businesses and Professions (“DNFBP”), in particular the Trust and Company Service Providers (“TCSPs”) to mitigate AML/CFT risks. Based on the bank-grade AML/CFT system technology, RBA Essential is customized to help DNFBP in collecting essential KYC information, conducting both onboarding and ongoing name screening and profiling respective customer AML/CFT risk. Most importantly, we will ensure customer fulfilling relevant AML/CFT laws and regulations at an affordable cost.