One of the leading financial hubs across the globe, Hong Kong has a strong legal and regulatory system in place to ensure and supervise fair financial transactions. One of the major aspects of the regulatory system is the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), which sets out anti-money laundering statutory requirements for a wide range of businesses. To ensure compliance with the AMLO regulatory requirements, organizations use the help of various regulatory and compliance consulting firms. Hong Kong has a thriving regulatory compliance consulting sector, helping firms navigate the region's complex regulatory landscape.
Led by Jonathan Lo, ASSURACOMP is a Hong Kong-based leading Regulatory and Compliance Consulting firm which specializes in Anti-money Laundering, Counter-Terrorist Financing, Sanctions, and other adjacent compliance regulatory requirements in various regions across the globe, including Hong Kong, Singapore, the UK, and the U.S. The firm leverages its extensive exposure to numerous client due diligence cases for small and medium-sized firms to explore client issues as well as the implementation of AML policies and procedures while applying legal concepts with practical solutions.
Offering Realistic AML Solutions
Coming to the service portfolio, ASSURACOMP offers a wide range of quality services to its clients including Management & Operations Advisory, Customized Practical Policy, Process and Procedural Designs, training seminars, conducting internal CDD, among others. What makes the firm stand out from the rest is offering realistic AML solutions to its clients’ own business circumstances and risk appetite. The firm's operation is led by a team of professionals with extensive experience across various regulated sectors. From collating documentation to drafting policies and implementing control procedures, the team is well-versed in working across various levels of compliance programs.
Another aspect of ASSURACOMP’s approach is that unless there is a reporting requisite, the firm doesn’t hire lawyers, as according to Jonathan Lo, Managing Director, ASSURACOMP, it can limit the team’s ability to give frank and full advice. The firm uses its extensive experience and legal expertise to bridge the gap between legal compliance requirements and practical business considerations. According to Jonathan, "Each organization should have a compliance system that caters specifically to them. The assumption that applying a rigid set of standards would help organizations comply with regulations can it itself be the cause of eventual breach of compliance requirements". "Many compliance-related legislation allows for a risk-based approach, which allows for a more flexible system based on the business realities of the regulated. All organizations need to have a focused and nuanced approach in terms of corporate governance and enforcing controls", he further adds.
ASSURACOMP uses its extensive experience and realistic solutions to bridge the gap between legal compliance requirements and practical business considerations
Dealing with the DNFPB Sector
When dealing with the Designated Non-Financial Businesses and Professions (DNFPB) sector, ASSURACOMP's strength lies in its deep understanding of the potential complexity of the work performed by such professionals. The first step starts with understanding the nature of the business, the types of end customers, and other connected parties involved. With the permission of the audited client, the team at ASSURACOMP will directly gather data from documentation and files kept. This helps the team obtain unbiased insight into the client's business while limiting the involvement of personnel with conflicted incentives. "We are well aware of industry norms and other currently followed non-AML professional standards that can be difficult for a random consultant to comprehend and advise within context. Our extensive cross-industry experience also allows us to provide useful advice on streamlining compliance procedures and improve resource utilization effectiveness", Jonathan explains.
While technology and digital solutions can assist in streamlining certain processes and reduce discrepancies and errors, according to the team at ASSURACOMP, it’s more of a double-edged sword. Firms that utilize state-of the-art software may more easily fall short of compliance standards, according to Jonathan, as a passive approach to governance and the implementation of a compliance program process can be a focal point for regulators to critique for compliance breaches because of an over-reliance on technology and the inadequate acknowledgment of risks posed by human judgment and errors.
Future Roadmap
Starting its operations in 2023, ASSURACOMP, within a quick span of one year, has come a long way and continues to grow. Coming to the future roadmap, the firm is setting up its strategy for further market expansion, especially in the South East Asia region as there is a higher chance that these kinds of compliance services will be given more importance in those regions in the future. “What makes us specialized in this area is that we understand the reasoning behind regulatory standards, how they can be enforced, and ways to mitigate such risks”, Jonathan signs off.
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