This project is to determine the impacts and effects of US sanction and propose suggestions against the potential risks and avoid any offence of US sanctions in aspect of Authorized Insurers while carrying on long term business. One of the US sanction is that the US government has sanctioned Hong Kong Chief
Executive Carrie Lam Cheng Yuet-ngor and 10 other city and mainland China.
The risks should focus on while handling new customer onboard(CDD) and how to review existing PEP customer and related closed associate. Then, to suggest any reasonable measures in compliance with relative recommendation/ guideline issued by the local and international AML/TF monitoring organisation or legislation regulation. You may consider yourself working as a compliance officer in a HK local Authorized Insurers, mainly focus on AML/TF landscape.
Below points could also be mentioned in this project.
What is the UN Sanctions List?
Who has to comply With UN Sanctions?
Who is a “US Person”?
What are the Risks?