The Hong Kong regulator says the broker took HK$2.3 billion in suspicious deposits The Securities and Futures Commission (SFC) announced on Monday that it has fined Guosen Securities’ Hong Kong division 15.2 million Hong Kong dollars ($1.94 million) for violating anti-money laundering (AML) regulations. According to the SFC, Guosen processed over 10,000 third party deposits, for approximately […]

A United Kingdom tribunal has penalized a solicitor and firm financial crime compliance officer 45,000 pounds for failing to do even an internet search to check whether his clients were tied to powerful political officials, in the first disciplinary matter to involve infamous offshore law firm Mossack Fonseca – the entity at the heart of […]

On 21 March 2017, the Joint Money Laundering Steering Group (JMLSG) published proposed revisions to Part I of its guidance on the prevention of money laundering and the financing of terrorism for the UK financial services industry. The revisions are set out in the following marked-up versions (all dated 14 March 2017): Chapters 1-3 (Senior […]