HKIB ECF-AML/CFT Core case studies
HKIB ECF-AML/CFT Core · Put your knowledge to work in context.
The Enhanced Competency Framework on Anti-Money Laundering and Counter-Financing of Terrorism (ECF-AML/CFT) is a professional qualification stream offered by The Hong Kong Institute of Bankers (HKIB), which launched it in 2017 alongside the Certified Banker (CB) programme. HKIB describes itself as the first not-for-profit banking institute in Hong Kong, acting as a professional training provider and qualification benchmark setter for the local banking and financial industry. The HKIB ECF-AML/CFT Core case studies are 5 cases and about 3,213 words.
1Rapid Pass-Through on a New Trading Account
A Hong Kong-incorporated trading company was onboarded six months ago. It declared annual turnover of HK 40 million from selling consumer electronics to Southeast Asia.
698 words, about 3 min2Private Banking PEP and a Late Source-of-Wealth Story
A private bank has an existing customer, aged 62, retired and resident in Hong Kong. He has held a relationship for four years with low activity and a current balance of about HKD 2 million.
665 words, about 3 min3Licensed VASP, Unhosted Wallets and Missing Travel Rule Data
A Hong Kong-licensed virtual asset service provider has a corporate customer, BlockBay Ltd, registered in Hong Kong and declaring software development with monthly turnover of about US 200,000. Over 10 days, BlockBay receives 37 deposits from 22 unhosted wallets totalling US 1.2 million in Bitcoin and Ether.
616 words, about 3 min4Offshore Buyer, Third-Party Funds and a Below-Market Property Purchase
A Hong Kong law firm is instructed by a BVI company to purchase a residential property at HK 28 million. The bank valuation is HK 35 million.
623 words, about 3 min5Single-Premium Policy with a Foreign Payer and Early Surrender
An insurer receives an application for a single-premium life policy with a premium of US$3 million. The proposed insured is a 55-year-old Hong Kong resident who describes himself as retired with no declared income.
611 words, about 3 min