HK regulator suspects brokers of inadequate AML controls
The city's Securities and Futures Commission has identified areas of concern related to anti-money laundering controls and is investigating several firms.
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Hong Kong’s securities regulator is investigating several brokerages it suspects of having inadequate anti-money laundering (AML) internal controls and expects to bring a number of enforcement proceedings as a result.
The Securities and Futures Commission (SFC) said licensed firms have had ample time to develop their internal controls since the latest AML rules* came into force in 2012.
During onsite inspections, the watchdog identified various areas of concern:
failure to…
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