HKMA doubles the guard against money laundering

The Hong Kong Monetary Authority will double its money-laundering investigative team to check for any failure by banks in their control systems to prevent illicit cash flows.

The authority's senior manager for anti-money laundering, Stewart McGlynn, said the team would grow from the present 11 to 22.

He was speaking about the implementation of a tougher law for financial institutions that took effect in April last year.

The authority this month also issued guidance material and held seminars to urge banks to strengthen their anti-money laundering measures.

via Business feed http://www.scmp.com/news/hong-kong/article/1222928/hkma-beefs-anti-money-laundering-push