The AMLO defines a Money Remittance as “a transaction for sending, or arranging for the sending of, money to a place outside Hong Kong”. However, because Kingsway wishes to be super equivalent these procedures will be used by TAP IDEA platform in respect of;
a) Money Remittance,
b) Wire Transfers,
c) Receipts of Monies (either from Hong Kong or abroad)
TAP IDEA platform will also only effect of any of the transactions listed above for customers registered with TAP IDEA platform or supporting White Label. In registering a customer, TAP IDEA platform or supporting White Label will follow these procedures:
1. The applicant must have completed the online Registration Form
2. The applicant must provide all the documents detailed below and TAP IDEA platform and Supporting White Labels must have successfully verified the documents provided by the applicant.
3. Subject to the nature of the transaction is may be necessary to verify all due diligence face to face with the client
Once the customer is registered, they are free to conduct any transaction with TAP IDEA platform or supporting White Label. TAP IDEA platform or supporting White Label procedures relating to renewal of customer due diligence information provided can be found in the Periodic Review of Customer Information Policy.
For individual customers TAP IDEA platform or supporting White Labels will require sight of one the following original documents from each list:
1. Proof of Identity
a) a valid passport,
b) current valid national (Government or State issued) driving licence incorporating photographic evidence of the identity of the individual.
2. Proof of Residence
a) Any document from the Proof of Identity list above not used to prove identity which contains the address of the individual,
b) A Bank Statement from a recognised bank (must be less than three months old),
c) A utility bill from a recognised utility (gas/electric/water) provider (must be less than three months old). This does not include mobile telephone providers,
d) A tax statement/bill (Council or Personal)
e) any other acceptable document
For corporate customers TAP IDEA platform or supporting White Label will require sight of ALL the following original documents:
a) Certificate of Incorporation
b) Memorandum and Articles of Association (or similar)
c) Shareholder Register
d) List of Directors/Officers with proof of ID and Address
e) Board Minute and Letter from company authorising registration with TAP IDEA platform or supporting White Label
f) Website address
In addition to the above documents for each director and any shareholder (who holds more than 15% of the equity of the corporate applicant) must also provide the documents requested above under individual customers.
Where a shareholder (holding more than 15% of the equity of the corporate applicant) or a director is also a corporate entity the process is replicated for that corporate entity. In respect of sole traders, the rules relating to individual customers apply.
In inspecting and accepting, the documents listed TAP IDEA platform or supporting White Label should have regard to the following:
1. Should ensure all the documents provided are current, not expired and within date.
2. Should ensure all photographic documents are a true likeness of the individuals involved.
3. Should ensure all documents presented are in good condition, legible and as far as possible genuine.
4. Should ensure all documents presented by the applicant are consistent with the information presented by the applicant in TAP IDEA platform or supporting White Label or products Application Form.
5. Should ensure any documents with signatures match the signatures on the Application Form.
6. In the case of corporate applicants the website address provided in the Application Form should be checked to ensure the information on the site is consistent with the information provided in the Application Form.
In the event TAP IDEA platform or supporting White Label representative has any queries regarding the documentation being provided by the applicant they are at liberty to seek confirmation either in writing (email) or verbally (telephone) from the issuer of the document. They should be careful to communicate to the issuer of the document the purpose of the enquiry and should advise the issuer of the document that under no circumstances should they alert the applicant of the enquiry to ensure they do not breach the AMLO.
In the event TAP IDEA platform or supporting White Label representative carrying out the Customer Due Diligence Procedures has any concerns about the validity of the information and documents being provided by the applicant they should, under no circumstances, alert the applicant but immediately report the matter to the Compliance Officer. TAP IDEA platform or supporting White Label should ensure all documents accepted by TAP IDEA platform or supporting White Label are copied and the copy of the document stamped to show they have been accepted as true copies of the original documents and the original documents were seen and the date and time they accepted.
In the event the application is non-face-to-face application and documents are provided electronically or by post then each document must be certified. Certification of the document as a true copy of the original document must be evidenced by the signature of the certifying party who should be either;
• An official of a Bank, authorised Financial Institution or approved fiduciary services provider
• a qualified solicitor registered with a relevant national professional body
• a qualified accountant registered with a relevant national professional body
• a notary public, a member of the judiciary, a senior civil servant or serving police officer
• a registered practising doctor
• an embassy, consulate or high commission officer in the country of issue
The person certifying must:
• Print their name, sign and date the copy document, and state in writing that is a true copy of the original, which they have seen
• Confirm their position (in line with acceptable certifiers above) and provide a contact telephone number or email address where they can be contacted.
• Where a document has a photograph, the certifier must confirm this is a true likeness of the applicant.