PANews reported on November 17 that the Hong Kong Securities and Futures Commission (SFC) issued a circular today urging licensed corporations and virtual asset trading platforms to remain vigilant against suspicious fund transfers indicating tiered trading activities in order to prevent money laundering. The SFC stated in the circular that there is a continuing upward trend in criminals using licensed institutions for tiered trading activities, with some attempting to launder proceeds from fraud and deception cases by concealing the source and destination of illicit funds. Common warning signs of tiered trading activities involve a series of suspicious behaviors, including frequent, rapid, and organized deposits of funds into client accounts, followed by immediate withdrawals in the form of cash or virtual assets. The SFC also reiterated in the circular the stringent standards it expects of licensed institutions to detect and prevent tiered trading activities.PANews reported on November 17 that the Hong Kong Securities and Futures Commission (SFC) issued a circular today urging licensed corporations and virtual asset trading platforms to remain vigilant against suspicious fund transfers indicating tiered trading activities in order to prevent money laundering. The SFC stated in the circular that there is a continuing upward trend in criminals using licensed institutions for tiered trading activities, with some attempting to launder proceeds from fraud and deception cases by concealing the source and destination of illicit funds. Common warning signs of tiered trading activities involve a series of suspicious behaviors, including frequent, rapid, and organized deposits of funds into client accounts, followed by immediate withdrawals in the form of cash or virtual assets. The SFC also reiterated in the circular the stringent standards it expects of licensed institutions to detect and prevent tiered trading activities.
The Hong Kong Securities and Futures Commission (SFC) urges licensed institutions to detect and prevent potential tiered transaction activities used for money laundering.
PANews reported on November 17 that the Hong Kong Securities and Futures Commission (SFC) issued a circular today urging licensed corporations and virtual asset trading platforms to remain vigilant against suspicious fund transfers indicating tiered trading activities in order to prevent money laundering. The SFC stated in the circular that there is a continuing upward trend in criminals using licensed institutions for tiered trading activities, with some attempting to launder proceeds from fraud and deception cases by concealing the source and destination of illicit funds. Common warning signs of tiered trading activities involve a series of suspicious behaviors, including frequent, rapid, and organized deposits of funds into client accounts, followed by immediate withdrawals in the form of cash or virtual assets. The SFC also reiterated in the circular the stringent standards it expects of licensed institutions to detect and prevent tiered trading activities.
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