1、September 2022Cementing Hong Kongs Role as a Premier Private Wealth Management Hub in AsiaFSDC Paper No.55ContentsExecutive SummaryOverviewDigitalisation in Private Wealth Management in Hong KongAML/CFT Practices in Private Wealth ManagementDigital Transformation in Anti-Money Laundering and Counter

2、-Financing of Terrorism(AML/CFT)ComplianceHong Kong Regulatory Response in Promoting Technologies for AML/CFTRegulatory Challenges Faced by the Private Wealth Management IndustryLong Onboarding Time And High Costs for KYC/AML ComplianceOur RecommendationsThe Professional Investor Regime&Sophisticate

3、d Professional Investors in Hong KongCurrent PositionOur Recommendations Suitablity FrameworkIndustry ObservationsOur Recommendations Tax Complication for Private Wealth Management in Hong KongEducation and Talent DevelopmentEntry Level Undergraduates and PostgraduatesMid-career Transfer and Oversea

4、s/Mainland Chinese TalentContinued Skill EnhancementOur RecommendationsAppendicesAppendix 1.Key Features of Hong Kong AML/CFT RegimeAppendix 2.Development of Professional Investor Regime in Hong KongAppendix 3.Suitability Obligations under the Code of ConductAppendix 4.Circulars Issued since the 200

5、8 Global Financial Crisis in Relation tothe Suitability ObligationsAppendix 5.Example of“Investment Rationale Check-box”Used by Financial Institutions Appendix 6.Disclosure of monetary and Non-monetary Benefits Example of How Disclosures Are Generally MadeAppendix 7.Hong Kong-PI RegimeAppendix 8.Int

6、ernship Programmes Available for Undergraduate Students Glossary13388810101012121316161821232325262729293237384042434446Executive SummaryPractitioners within the private wealth management(PWM)industry continue to operate in a rapidly changing and challenging environment.The trend of digital adoption