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Banks Brace For More Hong Kong Sanctions: Sources

By Daniel Bethencourt

Multiple global banks are reassessing their exposure to sanctions and anti-money laundering infractions in Hong Kong in anticipation of additional U.S. sanctions against individuals and businesses in the jurisdiction, sources told ACAMS moneylaundering.com. On Aug. 7, the U.S. Treasury Department's Office of Foreign Assets Control barred financial institutions from handling funds for Hong Kong's Chief Executive Carrie Lam and 10 other top officials accused of suppressing the region's independence from China in violation of an agreement that the country signed with the U.K. more than 35 years ago. The sanctions were the first under the Hong Kong Autonomy Act, or...

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