According to the definition by the Basel Committee on Banking Supervision, "money laundering" refers to the process by which criminals move funds through the financial system to obscure the true source and ownership of the proceeds or to use financial services to hold proceeds. As one of the world's major financial centers, Hong Kong has long been subject to strict regulation on anti-money laundering practices in financial institutions. In 2012, the Hong Kong government enacted the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance to further strengthen the regulatory framework for combating money laundering activities and terrorist financing in the financial industry. Moreover, many large international financial institutions themselves have rigorous internal measures and systems in place to prevent money laundering, ensuring customer interests are protected and corporate responsibilities are fulfilled.
As a registered financial institution in Hong Kong that values corporate responsibility, Xin Wang Golden Company Limited Financial not only strictly adheres to the guidelines and requirements of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, but also establishes rigorous internal measures and systems similar to other international financial institutions. These measures include arrangements for opening accounts and accessing funds to prevent the possibility of being exploited by criminals for money laundering activities or the misappropriation of client funds, thus safeguarding the interests of all clients.
To prevent criminals from opening accounts and using Xin Wang Golden Company Limited for money laundering activities, our company meticulously adheres to the "Know Your Customer" (KYC) arrangements throughout the entire account opening process. These arrangements not only prevent criminals from opening accounts but also safeguard the interests of all new clients.
To ensure the security and authenticity of customer identities, our company requires all new clients to provide copies of their ID cards or passports, copies of their bank cards or bank statements, and valid proof of address after opening an account. We conduct verification procedures on the information provided by clients and may call new clients to confirm their identity if necessary. If a client fails to pass the verification process, our company will reject their account opening application.