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ARTICLE · 03 OCTOBER 2016

SFC's Concerns Over Licensees' Anti-Money Laundering Internal Controls

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The AMLO imposes customer due diligence and mandatory recordkeeping obligations on financial institutions and sets out penalties for breaches of such obligations.

Hong KongFinance and Banking
Anne-Marie Godfrey
Anne-Marie Godfrey
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Key Points

  • The SFC Enforcement Division is investigating several SFC-licensed brokerages for suspected inadequate AML internal controls.
  • Reminder of SFC areas of concern.
  • SFC licensees should ensure that proper internal AML measures are implemented.

Introduction

On 21 September 2016, the Hong Kong Securities and Futures Commission (SFC) issued an announcement concerning poor internal anti-money laundering (AML) controls amongst many SFC licensees.

The SFC's Enforcement Division is investigating several SFC licensed brokerages for suspected inadequate AML internal controls.  It is expected that the SFC will bring a number of enforcement proceedings as a result of these investigations.

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