HKMA tipped to step up AML enforcement
The city's banking regulator is set to use a an as-yet-unused anti-money laundering ordinance to punish financial institutions for compliance failings, predicts consultancy EY.
A wave of anti-money laundering (AML) actions is expected this year against financial institutions in Hong Kong as their regulator finally imposes sanctions under an unused ordinance, said consultancy EY.
Such a move by the Hong Kong Monetary Authority would be a new approach for tackling money-laundering cases in the city because law enforcement authorities’ standard approach has been to view such cases as criminal issues.
This had led prosecutors to invoke other ordinances suc…
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