Most frauds detected by accident, Hong Kong conference hears

Fraud schemes are usually detected by chance or through tips, while external audits only uncover fraud less than five percent of the time, according to an industry expert. Colum Bancroft, managing director for financial investigations at investigative firm Kroll in Hong Kong, also stressed that global anti-fraud and anti-corruption initiatives would continue to become more widespread in the coming years. Read more ……

Hong Kong's new AML law poses bank secrecy, correspondent banking challenges, conference hears

Hong Kong's new anti-money laundering (AML) statute has not altered the territory's suspicious transaction reporting (STR) requirements, but may pose cross-border bank secrecy problems, industry officials said. At a recent conference held in the territory, officials raised concerns as to what the month-old Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO) would mean for correspondent banking relationships." Read more ……

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