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Hong Kong's Securities and Futures Commission Urges Licensed Institutions to Detect and Prevent Potential Layering Transactions for Anti-Money Laundering
BlockBeats News, November 17, according to the Securities and Futures Commission (SFC) has issued a Letter to Licensed Corporations and Virtual Asset Trading Platforms today, urging them to remain vigilant about suspicious fund transfers indicating layering trading activities to prevent money laundering.
The SFC pointed out in the letter that there is a growing trend of illicit actors using licensed institutions to conduct layering trading activities, with some attempting to launder proceeds from fraud and scam cases by disguising the source and destination of illegal funds. Common warning signs of layering trading activities involve a series of suspicious behaviors, including frequent, rapid, and organized deposits into customer accounts followed by immediate withdrawals in the form of funds or virtual assets.
At the same time, the SFC reiterated in the letter its strict standards expected of licensed institutions in detecting and preventing layering trading activities.
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