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Hong Kong regulator raises concerns on money laundering
[HONG KONG] Hong Kong securities regulator said on Wednesday it was investigating licensed brokerages and expected to lodge cases against some for inadequate internal anti-money laundering controls.
The Securities and Futures Commission (SFC) directed brokerages to immediately tighten their internal controls to comply with anti-money laundering rules that came into force in 2012.
SFC's onsite inspections and investigations revealed a number of shortcomings including failure to scrutinise cash and third-party deposits into customers accounts, it added.