New anti-money laundering guidelines introduced by The Law Society of Hong Kong come into effect on 1 July 2008 (the "Guidelines"). We are now required to identify and verify the identity of all of our clients and, in the case of corporate clients, any beneficial owners of the client, at the outset of our business relationship. This requirement also extends to our existing clients. We are also obliged to undertake due diligence on the matters upon which we act for you in certain situations, including making enquiries about the source of funding for the transaction.
The evidence of identity which, under our procedures and the Guidelines, we are required to inspect and verify depends upon whether the client is an individual, a company, partnership, trust or other entity. Wherever possible we will endeavour to obtain such documents and evidence from public sources and will only ask clients for the information if we are unable to obtain this ourselves.Your usual contact at JSM will notify you if you are required to submit or provide any documents to satisfy our obligations under the Guidelines. Any documents or information obtained by us for this purpose will be kept by us for such periods as laid down by The Law Society of Hong Kong.
If you have any queries or concerns, please speak to your usual contact at the Firm.
For further information, please contact: