On November 17, the Hong Kong SFC issued a circular urging licensed institutions to stay alert to suspicious fund transfers related to tiered trading, as money laundering cases rise.
There’s a notable increase in criminals utilizing licensed institutions for tiered transactions, often laundered proceeds from fraudulent activities.
Warning signs include rapid, organized fund deposits into accounts, with immediate cash or virtual asset withdrawals.
The SFC stresses the need for licensed institutions to follow strict standards to effectively prevent these illicit trading activities.
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