In December 2020, the Securities and Futures Commission (SFC) published its conclusions from the consultation on the proposed customer due diligence requirements for open-ended fund companies (OFCs).
SFC will execute the proposed requirement of OFCs to appoint a responsible person to perform AML/CFT functions. This decision matches the guidelines laid out by the Financial Action Task Force. It is also in line with the AML/CFT requirements of various investment companies in Hong Kong.
Once the proposal is passed, it will take 6 months for the new requirements to come into effect.