HK SFC licensing and compliance hints - January 2022

Implementation of revised financial return form and migration to WINGS

The new financial return form was gazetted on 17 December 2021 (see SFC circular of 17 December 2021 and the Gazette notice). The form is available on the SFC’s website (click here). You can also refer to our previous article of 24 November 2021 regarding the new data required (link).

The timetable below shows the implementation dates:

To make new electronic submissions, the responsible officer or an officer approved by the SFC for filing such returns can download the WINGS mobile app (see SFC circular of 21 January 2022) and sign the return electronically.

The SFC has also issued a user guide and demonstration videos to provide guidance on how to submit financial returns through WINGS. These are available on the SFC’s website under “User Guide – Submission services” on WINGS (

SFC AML and CFT webinars 2021

The SFC held AML/CFT webinars on 6 and 7 December 2021, as follows:

  1. SFC Anti-Money Laundering and Counter-Financing of Terrorism Webinar 2021 (link) presented by the SFC
  2. Anti-Money Laundering & Terrorist Financing Suspicious Transaction Reporting presented by the Joint Financial Intelligence Unit (link)

These presentations are available on the SFC’s website (see the SFC circular of 16 December 2021) and the SFC encourages the industry to consider using them for internal training. The first presentation provides updates on major regulatory changes and the SFC’s inspection findings, which are summarised below.

Update on the SFC’s revised AML Guideline

The SFC has summarised the recent changes in the SFC’s AML Guideline which came into effect on 30 September 2021 (with the exception of the requirements relating to cross-border correspondent relationships which will come into effect on 30 March 2022).

Other updates

Inspection findings and supervisory observations