Message 2

HKCCMA Annual General Meeting & Dinner 2012-2013

The members of the Hong Kong Credit and Collection Management Association (HKCCMA) will hold its Annual General Meeting and Dinner 2012-2013 on Friday 24 January 2014.

The cocktail reception will begin at 6:30pm followed by the Annual General Meeting and Dinner at 8:00pm, at the Club Lusitano, 27/F Club Lusitano Building, 16 Ice House Street, Central, Hong Kong.

Mr. Stephen LO, Chairman of HKCCMA, is expected to provide an annual review of the achievements and announce future plans for the association.

The highlight of the event will be the speech given by the Award Winner of the 2013 Credit Management Excellence Award.

Message 3

Global Credit Solutions (GCS) Asia Pacific Regional Meeting ˇV Bali, Indonesia

GCS will hold its Asia Pacific regional meeting on 12 & 13 March 2014, in Bali, Indonesia.  Delegates representing Bangladesh, China, Hong Kong, Indonesia, Malaysia, Singapore, New Zealand, Kenya and Uganda will be in attendance.

The regional meeting will cover topics such as recent developments of the GCS Group, including the Global Compliance Requirements Program (GCRP), which has been designed to enable the ensure that all partners will be able to maintain a consistent compliance requirement and therefore, receive and service volume collection cases from International Banks, multi national corporations and Governments.

In addition, the meeting will also include a Sales & Marketing Workshop to cover topics such the setting of regional goals, objectives and targets based on the Regional Marketing Guide, implementing recommended techniques such as internet advertising (SEO vs. Google Adwords), Newsletters, Sector Specific Campaigns and Telemarketing.

The regional meeting is scheduled to finish with a Gala Dinner and plenty of networking and social evenings where delegates can relax over drinks and enjoy the wonderful atmosphere of Bali.

Message 4
13th Asiagate Annual Conference ˇV Bali, Indonesia

Asiagate, the worldˇ¦s largest Asian company credit information gateway, will hold its 13th annual conference in Bali, Indonesia on 14th March, 2014.

Bali is an island and the smallest province of Indonesia, and includes a few smaller neighbouring islands, notably Nusa Penida.  It is located at the westernmost end of the Lesser Sunda Islands, between Java to the west and Lombok to the east, and has its capital of Denpasar, which is also the largest city in the provincial capital, at the southern part of the island.  Bali's second-largest city is the old colonial capital, Singaraja, which is located on the north coast. Other important cities include the beach resort, Kuta, which is practically part of Denpasar's urban area, and Ubud, situated at the north of Denpasar, is the island's cultural centre.

Bali is the largest tourist destination in Indonesia and is renowned for its diverse and sophisticated art forms, such as painting, sculpture, woodcarving, handcrafts, and performing arts.  Balinese cuisine is also distinctive. Balinese percussion orchestra music, known as gamelan, is highly developed and varied. Balinese performing arts often portray stories from Hindu epics such as the Ramayana but with heavy Balinese influence. Famous Balinese dances include pendet, legong, baris, topeng, barong, gong keybar, and kecak (the monkey dance). Bali boasts one of the most diverse and innovative performing arts cultures in the world, with paid performances at thousands of temple festivals, private ceremonies, or public shows.

The Stones Hotel has been chosen as the conference venue.  Distinctive in design, sophistication and style, The Stones Hotel - Legian Bali, Autograph Collection defines luxury with the finest of Legian Bali resort accommodations. Situated on the southern tip of Legian Beach and just 20 minutes from the airport, this exquisite escape is complemented by its exceptional service standards, unique hotel designs and lavish amenities creating a remarkable 5 star luxury resort experience.

The annual conference will be hosted by Asiagate Indonesia and chaired by Asiagate Hong Kong.  The conference is expected to include progress updates from the Marketing & Planning Committee (chaired by Asiagate India), about the status of the Asiagate portal, participation with global business information groups and other credit events.

Total Credit & Risk Management Group (GCS Hong Kong)
Since our incorporation in 1987, Total Credit & Risk Management Group is the leading provider of global credit & risk management services with a focus on Greater China (Hong Kong, China, Taiwan, Macau) and the Asia-Pacific region.

Total Credit & Risk Management Group provides the full range of services, from global real-time business & credit information, receivable management services to background investigations, due diligence and pre-employment screening.

Our clients include government departments, banking and finance institutions, export credit agencies, accountancy and legal firms, utilities, distributors, freight forwarding and logistical firms, hotels, importers and exporters, business associations, construction firms, foreign trade commissions and companies operating in the gaming, leisure and entertainment industry.

ACA International Profile
ACA International, the Association of Credit and Collection Professionals, is the comprehensive, knowledge-based resource in the credit and collection industry.

Founded in 1939, ACA brings together more than 5,000 members worldwide, including third-party collection agencies, asset-buyers, attorneys, creditors and vendor affiliates.  The association establishes ethical standards; produces a wide variety of products, services and publications; and articulates the value of the credit and collection industry to businesses, policymakers and consumers.

NALI Profile
NALI was formed in 1967 for legal investigators actively engaged in negligence investigations for the plaintiff and / or criminal defense.

NALIˇ¦s primary focus is to educate and advance the art and science of legal investigation, and to ensure the highest standard of professional ethics.  This common bond establishes mutual trust, goodwill and friendship among their members, which currently exceeds 500 professional legal investigators located throughout the USA and other countries.

IMA Profile
Established in 1961, the Institute of Mercantile Agents Limited (IMA) represents collectors, investigators, process servers and repossession agents throughout Australia.  Elected members networked across Australia work on matters of licensing, privacy, training and ethics affecting members.

WAD Profile
With origins dating back to 1921, W.A.D. is the longest established and largest association of its kind in the world.
 
The World Association of Detectives was formed as a joint venture by the combined membership of the World Association of Detectives and the International Secret Service Association and remains the foremost International Association of Professional Investigators and Security Service organizations.

GCS Profile
GCS has a commitment to being at the forefront of technology ensuring that we utilize that advantage to enhance the efforts of our qualified staff.  Global Credit Solutions Limited originated in Australia, with the foundation company Total Credit Management Services Pty Ltd, and expanded offshore to Asia, Europe, Middle East, Gulf & Americas. The company was incorporated, to provide the infrastructure for a planned and sustained growth, in the vital area of Global Credit Management services. The company now operates around the world, providing premium services to its ever-increasing list of high profile clients.

GCS provides offices on the ground - Collecting and litigating overseas can present many problems. A multiplicity of regulations in each of the hundred or more jurisdictions around the world mean it is impossible to manage risk efficiently and expertly from a single location - there is no substitute for local knowledge. GCS provides expertise in the legal system, rules of enforcement, customs and practices which eliminate risk and create a level playing field upon which to trade.

Today, GCS is recognized by the International business community as experts in the fields of credit management, debt collection, credit reporting and risk management services.

Asiagate Profile
Asiagate was formed by a group of well-established and prominent credit reporting agencies in Asia knowing the importance of the growing economy in Asia and the need to protect investors and businessmen. Asiagate provides the widest coverage of corporate credit information in Asia and its country members are specifically selected based on their size, establishment, integrity and reputation from each country. Currently, its members covers China, Hong Kong, India, Indonesia, Korea, Malaysia, Singapore, New Zealand, Australia, Taiwan, Thailand, Vietnam, Philippines and Kenya. 
 
Asiagate is also working on the integration with the renowned international credit information networks such as Eurogate and BigNet in order to create the largest credit information network in the world.

In the industry, we are founding members of:
 
Global Credit Solutions (GCS) Group
Total Credit & Risk Management Group
Asiagate
Hong Kong Credit And Collection Management Association (HKCCMA)

And members of:
 
ACA International, USA
Institute of Mercantile Agents (IMA), Australia
National Association of Legal Investigators (NALI)
World Association of Professional Investigators (WAPI)
World Investigators Network (WIN)
World Association of Detectives, Inc. (WAD)

Our expertise, know-how, network, advanced technology support and 25 years + comprehensive databases distinguish us in the market.

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Posted on 13th November 2013 by Editor

For an investigation into suspicious transactions to be successful, itˇ¦s extremely important to possess information on ultimate beneficial ownership (UBO). Equally, for prosecutors to build cases against suspected criminals, UBO information is crucial. Furthermore, understanding what access there is to UBO information helps organizations when assessing the risk profile of their business relationships. At a national level, countries completing their national risk assessment, as required by the Financial Action Task Force (FATF), need an understanding of UBO issues in their jurisdiction.

The FATF, the global standard-setter with respect to anti-money laundering and combating the financing of terrorism (AML/CFT), recognizes the importance of UBO information and has dedicated Recommendations 24 and 25 to it.1 In essence, the Recommendations state that countries should take measures to prevent the misuse of legal persons and legal arrangements for AML/CFT by ensuring there is adequate, accurate and timely information on beneficial ownership. Crucially, this information needs to be accessible in a timely fashion by competent authorities. Countries should consider measures to facilitate access to beneficial ownership and control information by financial institutions and Designated Non-Financial Business Providers (DNFBPs) (R.25).

Effectively, Recommendations 24 and 25 mean that maintaining beneficial ownership information is now considered international best practice. However, the use of eligible introducers has caused some problems for a number of regulated entities and jurisdictions which allow its application. In a nutshell, the eligible introducer regime is an administrative measure that is designed to reduce or eliminate duplication of effort and documentation. It allows regulated entities to rely on their introducers to conduct customer due diligence and risk assessment and to hold such information on their behalf. Whilst the practice may be advantageous in principle, (insofar as costs may be reduced without compromising the quality of the UBO details), some regulators have concerns about the practice, and some people have asked whether the recent changes to FATF Recommendations 24 and 25 will mean the end of the regime.

Arguably, there is no need for the abolition of the regime if eligible introducers really conduct the appropriate customer due diligence and risk assessments, and more importantly, share the information in a timely manner. However, one of the main risks for regulated entities is if eligible introducers do not fulfil their regulatory obligations. Also, it is possible that, even if introducers are meeting their obligations, others in a jurisdiction might not be, in which case there could be significant changes to the eligible introducer regime in store.

So what does all this mean for you and your business?

• Come to terms with the reality that it is very likely that you will be required to maintain certain beneficial ownership information locally, for all of your customers, regardless of whether an introducer arrangement is in place.
• Start preparing your customers and intermediaries for what may lie ahead.
• Be as proactive as possible.

If nothing else, ask if your company peels the layers back to unveil the beneficial owners of at least your end user clients. At a minimum, itˇ¦s important to ensure that for each of your end user clients you have the necessary due diligence information and documents for the UBOs. Do not stop at corporate shareholder and corporate director level; you must get to the individual UBOs.

Countries are trying to find creative ways to generate income and reduce spending, and with renewed impetus resulting from the ongoing effects of the global financial crisis. One approach is the creation of a centralized public register of beneficial ownership. Labeled as a 'transparency initiative', the idea is driven by a common belief that there is a pool of taxpayers who have not been accurately reporting to the relevant tax authorities and thus have not paid their dues. For example, David Cameron, Prime Minister of the United Kingdom, is championing this idea and has stated his intention of starting a public centralized register of beneficial ownership in the U.K., even though this is not an explicit requirement of the FATF Recommendation.2 One of the major concerns about creating a public centralized register is how it will impact an individual's or entity's ability to comply with local privacy laws, and if countries outside of their operating or home jurisdiction will require a register to be maintained.

Only time will tell if this idea catches on and becomes the new gold standard for transparency. Meanwhile, a number of countries have begun to assess the merits and pitfalls of such a move. The British Virgin Islands has already issued a document on the matter which it has circulated to the private sector and other stakeholders for consultation. The Cayman Islands has also announced its plans to also prepare a document for consultation. We can expect many other countries to take a similar approach.

It is anyone's guess at this point as to whether public centralized registers of beneficial owners will become a reality. One thing that is certain is that the goal posts have been moved again, and countries are unlikely to follow suit at the same time. This will create an uneven playing field, and potentially result in more black-listed countries and result in even higher costs in relation to remediation action. In any case, forward-thinking firms will already be considering ways in which the possible codification of FATF's Recommendations may affect them, in the jurisdictions in which they operate. Would your firm be ready now, for example, to hand over complete and accurate UBO records to a government agency maintaining the centralized registry for instance? Should your firm be preparing for such an event?

About the Author
Kyria Ali is the Chairman of the BVI Association of Compliance Officers (previously Ethics Chair), the Head of Business Advisory for Baker Tilly (BVI) Limited and the Chairperson of the Captive Industry Advisory Council in the BVI.  She is a prize winning Fellow of the Association of Chartered Certified Accountants, a Certified Internal Auditor, a Certified Fraud Examiner and a Member of the Chartered Institute of Securities and Investment. She has over 13 years of experience working within the business advisory, risk management, audit and compliance fields.  Kyria has extensive experience with compliance, risk management, corporate governance, audit, education, business advisory and development services and has worked with entities within various industries, including but not limited to, financial services and government.  The British Virgin Islands Association of Compliance Officers (ˇ§BVI ACOˇ¨) aims to foster a culture of compliance in the Territory. It is the BVI ACOˇ¦s ultimate goal to contribute to the reputation of the British Virgin Islands as a highly attractive and regulated international financial centre.  The BVI ACO, through its membership, promotes the importance of compliance through various forums, encourages the sharing of information and exchange of ideas amongst the industry as well as with the policy makers and provides opportunities to the entire industry for professional development. The BVI ACO also holds its members to a high ethical and professional standard and performs a monitoring role.

Copyright © KYC360˘X 2013

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