19th May 2020
Hong Kong’s SFC (Securities and Futures Commission) has reprimanded and fined Southwest Securities HKD 5 million (USD 645,000) for failures to comply with AML/CFT requirements in 2016. Specifically, the SFC found that Southwest failed to implement adequate and effective policies and procedures to mitigate the risk of money laundering and… Read More
15th May 2020
Three men were arrested on Thursday over the laundering of HK$54 million (US$7 million) that police said was conned out of 15 Hongkongers, including a 76-year-old woman who lost HK$25 million. The alleged members of a money-laundering syndicate in Hong Kong held bank accounts that were used since December to… Read More
7th May 2020
Hong Kong police arrested 17 alleged members of a gambling syndicate which amassed HK$133 million (US$17.2 million) in 14 months from local punters using an online casino, a senior officer said on Wednesday. In the operation code-named “Deepskill”, officers also froze HK$4.5 million in bank accounts controlled by members of… Read More
5th May 2020
Hong Kong Monetary Authority has warned investors against a fraudulent website that is misusing the details of a licensed bank – Tai Yau Bank, Limited. Fraudsters are using the details and website contents of this genuine bank in an effort to deceive the public, the HKMA said. The regulator has… Read More
4th May 2020
The alleged mastermind of the fraud involving Hong Kong’s largest independent financial advisory firm, Convoy Global Holdings, was charged with intent to deceive members of the company about its affairs by the city’s anti-corruption investigator as the trial got under way on Monday. Roy Cho Kwai-chee, the former executive director… Read More
29th April 2020
Two Hongkongers recruited by fraudsters posing as mainland officials to “spy” on people suspected of money laundering have been arrested for duping victims out of HK$5.5 million (US$709,000), police said on Tuesday. The two suspects – a man, 23, and a woman, 25, who did not know each other –… Read More
21st April 2020
Hong Kong’s markets watchdog said on Monday it had fined a local securities unit of one of China’s largest banks, Bank of Communications (3328.HK) (601328.SS), HK$19.6 million ($2.53 million) for a range of regulatory breaches. BOCOM International Securities Limited broke anti-money laundering rules by not identifying… Read More
8th April 2020
The HKMA (Hong Kong Monetary Authority) has issued circulars to authorised institutions and SVF (stored value facility) licensees encouraging the use of technology to enable remote onboarding and account opening services. “We believe the use of FinTech will provide significant opportunities to manage some of the challenges presented by the… Read More
1st April 2020
Hong Kong police have broken up what they believe is a sophisticated gambling syndicate behind a network of underground casinos that used arcade machines for betting games and served those from the criminal underworld, force insiders said on Tuesday. Detectives believed the racket, run by a gang of mainland men… Read More
26th March 2020
The Independent Commission Against Corruption (ICAC), Hong Kong’s anti-corruption watchdog, charged a former senior executive of bourse operator Hong Kong Exchanges and Clearing on Wednesday for accepting HK$9.15 million (US$1.18 million) in bribes between 2017 and 2019. Eugene Yeoh Kim-loong, 43, the former joint-head of the initial public offering (IPO)… Read More