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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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SFC In Hong Kong Warns Of Impending AML Enforcement Proceedings; Urges Brokerage Firms To Enhance Internal Controls

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.

Source: Lexology

By Pathay Singh on 10/04/16