Tag Archives: anti-money laundering

Hong Kong – SFC Fined Southwest Securities

On 18 May 2020, HK SFC fined Southwest Securities for AML breaches. HK SFC has reprimanded and fined Southwest Securities (HK) Brokerage Limited HKD5mn for failures in complying with AML/CFT regulatory requirements in 2016. Breaches Southwest had failed to implement adequate policies and procedures to mitigate risk of money laundering and terrorist financing associated with…
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CAN BC FIC Money Laundering

On May 9, CAN BC FIC issued report on real-estate laundering. Expert panel on money laundering in real estate, reported that the over C$7bn in dirty money laundered in BC in 2018 had increased cost of a home about 5%. Expert Reports Report released with remainder of Peter German review on money laundered in real…
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CBOI New Registration for AML

On Nov. 27, CBOI issued rules for firms to register for AML. New requirement for unregulated firms to register with CBOI re AML oversight. Per criminal justice (money laundering, terrorist financing), (amendment) act. If firm offers specified service, not otherwise authorised for business by CBOI. Guidance specifies leasing, factoring, safe custody and other services effected.…
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