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Hong Kong regulator raises concerns on money laundering
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.
PHOTO: BLOOMBERG/NELSON CHING
[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.
REUTERS
