The Hong Kong Securities and Futures Commission advised that it is currently investigating “a number of cases” of SFC licensed brokerage companies with potentially inadequate anti-money laundering internal controls, and that it expects to commence enforcement proceedings in response. Among the areas of concern identified by SFC were failure to analyze cash and third-party deposits into customer accounts; ineffective review of transactions in customer accounts; and failure to consider adequately potentially suspicious transactions to determine whether a suspicious activity report should be filed.
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SFC in Hong Kong Warns of Impending AML Enforcement Proceedings; Urges Brokerage Firms to Enhance Internal Controls
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