FINANCIAL institutions are to be forced to find the true beneficial owner of deposits under new anti-money laundering rules.
Guidelines set by the Financial Action Taskforce, an independent international body to which the Government belongs, are to be confirmed soon and are expected to ensure banks, insurance companies and money-market brokers know the real identity of accountowners.
Representatives from both the Hong Kong Association of Banks and the Hongkong Bank could not say last night that they could guarantee the identification the actual benefactors of all company accounts, but would be keen to discuss further regulations.
Banks now operate under six-month-old regulations issued by the Monetary Authority which stress the need to be sure of the details of a trustee.
The Banking Ordinance regulations state third party accounts are frequently used to ''wash'' drug funds.
Hong Kong, which licences more than 170 banks alone and is a centre for company registration, is understood to be a key player in the taskforce policy.