Money laundering case puts banking laws under spotlight

When Luo Juncheng first walked into the offices of Hong Kong's Chiyu Bank in August 2009, he was a teenager setting up an account for a company he had bought off the shelf three days earlier. When he returned 10 days later, he set up a personal account with a meagre HK$500 deposit.

During the next eight months, some HK$13 billion moved in and out of those accounts, largely by internet transfer, at a rate of HK$50 million per day.

via Business feed http://www.scmp.com/business/banking-finance/article/1135307/money-laundering-case-puts-banking-laws-under-spotlight