Printer Friendly

-Hong Kong banking regulator to enhance anti-money laundering team.

Global Banking News-April 25, 2013--Hong Kong banking regulator to enhance anti-money laundering team(C)2013 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 25 April 2013

The banking regulator in Hong Kong has said that it is doubling its anti-money laundering team.

The team size is to be doubled to strengthen supervision amid intensifying scrutiny of monitoring and compliance systems at global financial institutions. The Hong Kong Monetary Authority is to increase its team size to 22.

Stewart McGlynn, head of anti-money laundering supervision at the HKMA, said, 'Where we don't see improvements, where we do see money laundering and terrorist financing risk, where we do see breaches of the legal and regulatory requirements we will be prepared to take tough actions.'

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))
COPYRIGHT 2013 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2013 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Geographic Code:9HONG
Date:Apr 25, 2013
Words:144
Previous Article:-Foreign banks in Indonesia may not have to operate as PTs.
Next Article:-Citigroup appoints new head of corporate and investment banking in Hong Kong.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |