The Hong Kong Monetary Authority is investigating several financial institutions, including at least one bank, for possible criminal breaches of the city’s anti-money-laundering laws.
The investigations are the first to be made since the strict Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance, better known as AMLO, was enacted more than two years ago.
The authority confirmed that investigations were in progress, but declined to give any details on the sums involved, the names of the institutions or the alleged breaches of the law.
..Financiers found guilty could face fines or prison, while banks committing serious and systemic violations may have their licences revoked, said Simon Deane, a partner of Deacons, a Hong Kong law firm.
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