TechFlow news, November 17 — According to Zhitong Caijing, the Securities and Futures Commission (SFC) of Hong Kong issued a circular today urging licensed corporations and virtual asset trading platforms to remain vigilant against suspicious fund transfers showing signs of layering transactions in order to prevent money laundering. The SFC pointed out in the circular that there is an increasing trend of criminals exploiting licensed institutions for layering activities, with some individuals attempting to conceal the source and destination of illicit funds to launder proceeds from fraud and scam cases. Common red flags of layering 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. Meanwhile, the SFC reiterated in the circular its stringent expectations for licensed institutions regarding the detection and prevention of layering activities.
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