HKMA to tighten up on money laundering at Hong Kong banks

According to the South China Morning Post, Hong Kong authorities are expected to crack down harder on money laundering this year, as it continues to be a serious problem among smaller banks in the city and on the mainland.

Simon Deane was recently interviewed by the SCMP on the issue and commented: “Some banks in Hong Kong have turned down clients for fear of violating AMLO.”

He gave an example of a major international bank whose US branch customer tried to open an account in Hong Kong with the same bank. The Hong Kong branch turned him down because it decided he was too risky as far as Hong Kong’s anti-money laundering requirements go.

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Key Contacts

Simon Deane

Consultant | Banking and Finance

Email or call +852 2825 9209