Circular to Licensed Corporations, SFC-licensed Virtual Asset Service Providers and Associated Entities - Anti-Money Laundering / Counter-Financing of Terrorism Detection and prevention of potential layering activities in money laundering
Action requiredAMLVA
What the SFC said
The SFC has observed illicit actors using licensed firms and virtual asset platforms for money-laundering layering, via frequent swift deposits and withdrawals not used for trading, including signs of smurfing. The circular sets out red flags and reiterates senior management's AML/CFT responsibilities to detect and prevent such activities.
This page is our summary and commentary, not the circular itself — always read the original before acting.
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