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.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Robinhood beats profit estimates on interest income strength
Prudential shutters Hong Kong wealth unit Pulse
JPMorgan, Nomura limit Segantii exposure on Hong Kong case
UOB awards Wong Kan Seng over S$400,000 in shares
Singapore eyes giving law enforcement agencies more power to probe money laundering offences
Seventh money laundering accused to plead guilty on May 23