You are here

Home > Banking & Finance

Hong Kong regulator raises concerns on money laundering

Wed, Sep 21, 2016 - 6:13 PM

13-6577102 - 05_07_2007.jpg
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

sentifi.com

Market voices on:

Banking & Finance

Hong Kong money is fleeing? Not around here

Three professionals charged with defrauding banks of more than S$3.6m

No compelling reason for central banks to issue digital currencies: MAS

As more stablecoins emerge, MAS mulls impact on Singdollar stability

New digibanks may push interest rates higher, but not for reckless market grab: MAS

Facebook's Zuckerberg open to scaling back Libra plan

subscribe to
The Business Times
Stay connected with The Business Times
premium content on your favourite platforms
CALL 6388 3838
SUBSCRIBE NOW
Download Our
Apps
Stay up to date with The Business Times for
Stay Updated
Choose which free BT newsletters to sign up for here, or get them all below:
Breakfast Brief
every morning
Daily Debrief
every evening
BT Garage
weekly