Credit:
https://dxcompliance.com/source-of-wealth-and-source-of-funds-best-practice-aml/
Recap: 今年 5 月 22 日，香港金融管理局（金管局）配合國家政策出招，要求銀行在開立及管理內地投資者的投資賬户時，必須採取三項額外措施：
（一）關閉使用可疑或偽造文件開立的投資賬户，識別自 2023 年 1 月起或金管局指明的任何其他時段內曾使用可疑或偽造文件開立的客户投資賬户，有關文件包括身份證明文件。
（二）關閉零結餘不動投資賬户，具體指由內地投資者持有的投資賬户，而該賬户截至 2026 年 5 月 22 日（參考日期）均無任何資產結餘，且在參考日期起計前 12 個月內並無由客户展開的活動。
（三）新開立投資賬户時，須向該內地投資者取得書面聲明確認所有用以支持投資活動及相關結算的資金均來自中國內地以外的合法來源等。
第三項（簡稱：自證清白）是在開設賬户的階段應用反洗錢術語 Source of Funds (SOF)。 第一項（簡稱：倒查三年），由 2023 年 1 月起開立的客戶投資賬戶查起，查到那個程度，是運用 Source of Funds (SOF) 概念還是 Source of Wealth (SOW) 概念，or both，即是執行的力度有多強，有待查證。
Source of Fund (SOF) vs Source of Wealth (SOW)
Source of Funds (SOF) 和 Source of Wealth (SOW) 是銀行業的反洗錢 (Anti-Money Laundering, AML) 術語，從不同的角度評估客戶的風險水平，協助銀行判斷是否應該接納那位客戶（開設賬戶），是否應該終止某一筆交易，是否應該終止關係（關閉賬户），是否要向金融監管機構提交可疑交易報告 (Suspicious Activity Report, SAR) 以及是否要採取其他必要的跟進措施。
所問的問題，屬於不同的層次：
Source of Funds (SOF) 是問客戶某一筆交易所牽涉的資金從何而來。
Source of Wealth (SOW) 是問客戶的財富從何而來（透過那些渠道累積財富）。
Source of Funds (SOF) 是單一交易的角度。
Source of Wealth (SOW) 層次更高，視野更全面。港式粵語：銀行跟你玩查家宅。
相關的反洗錢術語：Know Your Client / Customer (KYC) 。
Source:
英文的說法 (What are the differences between SOF and SOW)：
SOF examines the money used in a specific transaction to determine its origin. It answers question like: How did you get the money for this payment? What is the origin of this deposit? Examples: Salary credit, Sale of an asset, business revenue, loan proceeds.
SOW explores how the customer built their wealth over time. It answers questions like: How did you build your wealth? Does your lifestyle match your declared financial profile? Examples: Long-term employment, inheritance, investments, owned businsses, real estate assets, etc.
Source:
之後的事情，大家都可以想像得到：銀行會要求客戶提供文件證明收入或財富的來源，然後看看賬户的情況跟客戶所申報的身份或提供的個人資料之間，有沒有不符合的地方（即是：客戶有沒有說謊），然後判斷那些錢的來源是否來合法，是否需要採取進一步的行動。從銀行的角度來看，運用 SOF 或 SOW 概念調查客戶的資金來源，可以發揮以下作用：
- Detecting suspicious activity - When SOF doesn’t match customer profile or SOW, it is a red flag.
- Understanding customer risk - Incomplete or inconsistence SOW can indicate sources of illicit income.
- Preventing money laundering stages -Verifying funds at both transactional (SOF) and holistic (SOW) level helps stop placement, layering & integration.
- Improved customer due diligence – Strong documentation leads to better onboarding and continuous monitoring.
Source:
如果銀行覺得賬户的情況可疑，可能會加強監察某個賬户，中層可能會向高層提交可疑交易報告報告 (Suspicious Activity Report, SAR)，也可能對客戶的個人資料加強審查 (Enhanced Due Diligence)，諸如此類。最壞的情況嚴重，是銀行決定終止單一交易，又或者終止跟客戶的關係（關閉賬户）。
上述措施需要花多少時間，視乎銀行內部的流程有多複雜，也視乎銀行對風險的容忍程度，以及監管機構的法規或政策怎樣寫和怎樣執行。銀行跟客戶之間，可能會拉扯一段時間。如果客戶怕麻煩，會主動放棄，轉身走，對不對？換言之，上述措施可以用來趕客。
Sanctions Screening vs Sanctions Evasion
此外，銀行也會把客戶的個人資料跟被（美國）制裁人士的名單 (Sanction Lists) 進行比對，如果發現在被制裁名單之上，銀行會放棄那個客戶。
真實個案：
（一）林鄭月娥出任特首的時候，工資要用現金發放。
（二）身為銀行業世家後人的陳智思（提示：盤谷銀行 + 亞洲商業銀行）曾經被美資銀行關閉賬户，但他沒有公開銀行的名字。
詳情請參考《延伸閱讀》部份提供的參考資料。
這個過程合規 (Compliance) 用語叫 Sanctions Screening。從銀行的角度看，政府官員及其家屬和親信是 Politically Exposed Persons (PEPs)，洗黑錢及被制裁的風險高（提示：財富與官職收入不相稱），要小心處理。林鄭月娥和陳智思都是外資銀行眼中的 Politically Exposed Persons (PEPs)，如果外資銀行覺得風險太大，就會關閉關閉賬户即是終止關係。換言之，香港的高官或政治人物容易成為中美關係的磨心或犧牲品。愛國有代價，並非說了就算。還是否值得，自己想。
如何繞過 Sanctions Screening？常用的方法是把錢分拆成很多份（洗黑錢術語叫 Smurfing / Structuring），然後動用很多的錢驢 (Money Mules) 或白手套存入合法的銀行系統，方便儲存、使用和投資。如果在香港的銀行開立投資賬戶的中國居民並非那筆錢的真正主人，而是代持資產的錢驢 (Money Mules) 或白手套，他或她交不出令銀行滿意的文件，又或者交假文件，試圖瞞騙銀行，但是最終被發現，後果就是銀行拒絕開戶，又或者關閉已經開設的賬戶。上述三項新措施所產生的作用，是迫使銀行清理有問題的帳戶。簡單地說：監管機構迫銀行趕客。
為什麼要用錢驢 (Money Mules) 或白手套代持資產？因為那些錢的真正主人是國產的 Politically Exposed Persons (PEPs) 。這是規避制裁 (Sanctions Evasion) 的常用手段，中國和俄羅斯的寡頭富商都精通此道。銀行業因為金錢而被捲入政治，是常見的事。壞人（用假身分及假文件）跟銀行博弈，銀行高層既要趕走壞人，也要向官府和股東交代，平衡不同持份者 (Stakeholders) 的利益，難度甚高。
錢驢 (Money Mules) 或白手套以外，常用的規避制裁 (Sanctions Evasion) 手段包括：離岸公司或空殼公司 (Offshore company / Shell company)，私人信託 (Trust)，慈善團體 (Charities)，地下銀行系統 (Shadow banking / Hawala system) ，收購監管寬鬆的小國銀行 (Buying small bank) , 加密貨幣 (Cryptocurrency) 及其交易所 (Crypto Exchange) , 影子船隊 (Shadow Fleet) 。這些手段被統稱為 Sanctions Evasion Toolkit。
被美國制栽的國家例如俄羅斯和北韓是這個範疇的專家。欲知詳情，請用這堆關鍵字在這個博客的範圍內搜尋，搜尋器在畫面的右下角。有興趣的讀者也可以上網自學，許多提供反洗錢 (Anti-Money Laundering, AML) 知識的英文網頁都會解釋操作方法。看完之後你會明白，洗黑錢 (Money Laundering) 和規避制裁 (Sanctions Evasion) 所用的手法是相同的，背後的動機都是隱藏（真正的）身份或虛構一個合法的身份，而過程都牽涉不法資金的跨國轉移。金錢無國界，現實世界的法律法規以國界為基礎，令壞人找到監管套利 (Regulatory Arbitrage) 的空間，發展出很多鑽空子的方法。
結論
表面上，銀行在開設賬户的階段問客戶（中國居民）那筆資金從何而來，是加強風險管理（反走資+反洗錢），即是保護自己，背後牽涉大國角力（中國 vs
美國），銀行是夾縫中的磨心。商業決定+政治考慮，令銀行很難做。至於來歷不明的北水（粵語水為財）是否會放棄香港，有待觀察。
延伸閱讀／參考資料：
AML: Source of Funds vs Source of Wealth
Pankaj Chauhan
Source of Funds vs. Source of Wealth — What’s the Difference & Why It Matters in AML?
In the AML/KYC world, Source of Funds (SoF) and Source of Wealth (SoW) are two terms we use every day — yet many still mix them up. Understanding the difference is crucial for identifying red flags, preventing layering of illicit funds, and strengthening financial crime controls.
Source of Funds (SoF)
SoF tells us where the money for a specific transaction is coming from.
It answers questions like:
“How did you get the money for this payment?”
“What is the origin of this deposit?”
Examples: Salary credit, sale of an asset, business revenue, loan proceeds, etc.
Source of Wealth (SoW)
SoW explains how a customer accumulated their total wealth over time.
It answers questions like:
“How did you build your wealth?”
“Does your lifestyle match your declared financial profile?”
Examples: Long-term employment, inheritance, investments, owned businesses, real estate assets, etc.
How They Help in Fighting Financial Crime
- Detecting suspicious activity – When SoF doesn’t match the customer’s profile or
SoW, it’s a red flag.
- Understanding customer risk – Incomplete or inconsistent SoW can indicate hidden
sources of illicit income.
- Preventing money laundering stages – Verifying funds at both transactional (SoF) and
holistic (SoW) levels helps stop placement, layering & integration.
- Improved customer due diligence – Strong documentation leads to better onboarding and continuous monitoring.
In short, SoF protects transactions.
SoW protects the entire relationship.
Together, they form one of the strongest shields
against money laundering and financial crime.
What is source of funds (SOF) & source of wealth
(SOW): AML guidance
https://complyadvantage.com/insights/what-is-source-of-funds-source-wealth/
Excerpt: Source of funds compliance responses
If there are concerns about a customer’s SOF, firms must be ready to take the necessary compliance steps to address the potential compliance risk. Depending on regulatory requirements, compliance responses to source of funds may include:
- A decision to halt a customer transaction.
- A decision not to commence a business relationship, or to terminate an existing business relationship.
- Enhanced monitoring of a customer’s transactions
- Oversight from senior management employees
- Where scrutiny of a customer’s SOF reveals
suspicious activity, a firm should submit a suspicious activity report (SAR) to
the relevant authorities. In the
US, for example SAR should be filed with the Financial Crimes Enforcement
Network (FinCEN).
Source of funds AML compliance
In order to effectively establish SOF, firms must develop and implement suitable KYC measures in order to understand who their customers are, and what type of business they are engaged in.
Under the risk-based approach to AML compliance
recommended by the Financial Action Task Force (FATF), those KYC measures
should be proportionate to the risk that different customers present. This
means that higher risk customers should trigger enhanced compliance measures,
while lower risk customers may warrant simplified measures.
The KYC process should feature the following measures and controls:
Customer due diligence: Firms should screen their customers in order to make reliable decisions about their SOF, requesting a range of identifying information including names, addresses, dates of birth, and company incorporation information. Firms should also establish the beneficial ownership of customer entities.
Transaction monitoring: Firms should monitor their customers’ transactions for activity that isn’t consistent with their established SOF. In particular, firms should be vigilant for unusual volumes or frequencies of transactions, or transactions with high risk jurisdictions.
Sanctions screening: Firms must ensure they do not do business with customers that are subject to international sanctions. Accordingly, firms should be prepared to check customer names against the relevant sanctions and watchlists, such as the OFAC SDN list, or the UNSC consolidated list.
Politically exposed persons: Elected and government officials present an elevated money laundering risk and firms should scrutinize their SOF carefully. With that in mind, firms should screen customers to establish their PEP status. The PEP screening solution should include the customer’s family and close associates.
Adverse media: News stories are good indicators that a customer’s SOF may warrant AML
scrutiny. Firms should monitor for adverse media that involves their customers,
and include traditional screen and print media and online news sources within
the scope of their solution.
Source of Funds (SOF) and Source of Wealth (SOW)
Checks [Guide]
https://idenfy.com/blog/source-of-funds-sof-and-source-of-wealth-sow/
Excerpt: SOW checks are also part of the Know Your Customer (KYC) compliance framework that allows businesses to:
- Identify when clients are acting on behalf of another individual, a family member, or a corrupt official.
- Gain a more comprehensive understanding of a client’s risk profile and overall financial background.
- Consequently, SOW verification allows businesses to manage risk by verifying that their clients have legally acquired their wealth. This process is vital, especially when dealing with high-risk and high-net-worth individuals or those engaged in complex financial transactions.
What are Some SOF/SOW Compliance and Regulatory Considerations You Should Know?
AML guidelines heavily emphasize the importance of verifying SOF and SOW as key parts of compliance efforts. Companies must use a risk-based approach when setting requirements for conducting SOF/SOW checks. That means they should apply measures that are reasonable and proportionate to the client’s potential money laundering and terrorist financing risks.
For example, in the United
States, SOF checks are required under the USA PATRIOT Act for specific types of
customers, such as Politically Exposed Persons (PEPs) who are considered
high-risk individuals due to holding significant public roles and increased
possibility of money laundering or corruption.
Additionally, regulatory bodies like the FATF set out frameworks, such as the 40 Recommendations, that financial institutions later follow. These regulations provide detailed steps and procedures that institutions should use in their due diligence processes. Companies should use them to guarantee that their SOF and SOW checks are properly executed, assessed, and conducted to prevent and detect money laundering, terrorist financing, and other illegal activities.
The Importance of Source of Funds and Source of Wealth in AML Compliance
Implementing AML compliance measures is crucial for fulfilling regulatory requirements. Beyond regulation, Source of Funds and Source of Wealth checks also safeguard a company’s reputation and integrity, enhancing customer trust and overall financial system security.
Even companies not legally mandated to perform these checks often do so voluntarily as part of their internal controls to strengthen their risk management systems. In-house compliance officers play a key role in this process because they establish internal controls, monitor transactions, and also take part in improving the company’s AML program to reduce the risks associated with money laundering.
When AML software flags unusual patterns or transactions, the company typically initiates SOF/SOW checks. A classical example would be in cases when a customer exceeds a specified threshold, and they’re asked to demonstrate that their funds come from a legitimate source. If these transactions raise suspicions, a company must file a Suspicious Activity Report (SAR).
What Actions Should I Take If I Have Concerns Regarding the Source of Funds?
There are several actions that you should take, depending on your company’s risk tolerance.
For example:
- Using EDD (Enhanced Due Diligence) measures for further assessment
- Escalating the case to senior management
- Applying monitoring to the customer’s transactions
- Stopping the transaction
- Ending the business relationship/not onboarding the customer
How to Perform SOF/SOW Verification?
If your business is in the financial sector, you need to continuously track the Source of Funds (SOF) and Source of Wealth (SOW) for all your customers. That said, data analysis is crucial in the SOF/SOW verification process.
For PEPs, additional measures are necessary under CDD procedures for private banking to establish the SOW. If you detect any suspicious activity, you must fill out a SAR and report the case to the relevant authority, such as FinCEN.
Using AI-powered AML tools and screening
mechanisms, financial institutions can spot suspicious patterns in transaction
data, such as:
- Frequent large transfers
- Complex chains of transactions
- Sudden changes in the customer’s financial behavior
Companies initiate SOF/SOW checks when a user’s transactions exceed a predefined threshold, such as exceeding $100,000 or multiple transactions within a short time frame.
SOW checks are useful when starting a new
business relationship, helping entities detect illegal cash flows,
such as third-party money laundering. Depending on their source of wealth,
companies need to request various types of documentation. This can include
records of previous transactions, public property registers, copies of trust deeds,
tax returns, bank statements, etc.
Verifying customer identities by requesting various pieces of identifying information, such as names, addresses, dates of birth, and details of company incorporation.
Determining the beneficial ownership before getting
tangled in suspicious new business relationships and conducting proper Know
Your Business (KYB) checks.
Screening PEPs and sanctions lists to detect
any changes in the PEP status and checking customer names against relevant
sanctions and global watchlists.
Monitoring transactions to identify any activity that
deviates from established SOF, including transactions involving high-risk
jurisdictions.
Why You Should Apply an Automated Approach to SOF/SOW Checks
To make informed decisions about their customers’ Source of Funds or Source of Wealth, companies need to have a proper KYC and AML program, which includes:
- Verifying customer identities by requesting various pieces of identifying information, such as names, addresses, dates of birth, and details of company incorporation.
- Determining the beneficial ownership before getting tangled in suspicious new business relationships and conducting proper Know Your Business (KYB) checks.
- Screening PEPs and sanctions lists to detect any changes in the PEP status and checking customer names against relevant sanctions and global watchlists.
- Monitoring transactions to identify any activity that deviates from established SOF, including transactions involving high-risk jurisdictions.
Investopedia
Know Your Client (KYC): Key Requirements and
Compliance for Financial Services
By James Chen
Updated August 28, 2025
https://www.investopedia.com/terms/k/knowyourclient.asp
What Is Know Your Client (KYC)?
Know Your Client (KYC) is a vital standard in investment and financial services, designed to verify client identities and assess financial profiles. Its implementation through components like the Customer Identification Program (CIP) and other due diligence measures ensures compliance and helps mitigate risks in customer relationships.
Key Points:
- Know Your Client (KYC) is an essential standard in investment and financial services, crucial for verifying customers' identities and financial profiles.
- KYC involves three main components: Customer Identification Program (CIP), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD) for high-risk accounts.
- Financial institutions must adhere to KYC standards to prevent money laundering and illegal activities, with specific regulations outlined by FINRA and FinCEN.
- Cryptocurrency platforms, considered Money Services Businesses, are subject to KYC and AML regulations to avert money laundering through decentralized exchanges.
SWIFT
Why sanctions screening is critical for financial
institutions
Ensures compliance with regulations and prevents money
laundering, terrorist financing, and other illicit activities.
Sanctions screening is a critical process for financial institutions to ensure compliance with regulations and prevent money laundering, terrorist financing, and other illicit activities. The process helps protect reputations, prevent financial loss, and strengthens the overall integrity of the global financial system.
Compliance with regulations
In many jurisdictions sanctions screening is a legal requirement meaning financial institutions are compelled to comply with relevant regulations to avoid legal risk and financial penalties.
Preventing money laundering
By identifying and blocking transactions that involve illicit funds, sanctions screening helps to prevent money laundering.
Preventing terrorist financing
Sanctions screening helps prevent terrorist financing by identifying and blocking transactions that involve individuals or entities that may be associated with designated terrorist organisations.
Reputational protection
Robust sanctions screening processes help protect the reputational risk of financial institutions by demonstrating their commitment to compliance, adhering to regulations, and taking responsibility for preventing illicit activities.
Protection from financial losses
Sanctions screening helps to prevent financial loss by identifying and blocking transactions that may involve sanctions breaches or activities under embargo.
Protecting national security
Sanctions screening protects national security
objectives by preventing the transfer of funds to individuals or entities that
may pose a threat to individual nation-states.
Lexis Nexis
PEP: Politically Exposed Persons
https://www.lexisnexis.com/en-hk/glossary/pep-politically-exposed-persons
Excerpt: If you're a business, it's
important to be aware of politically exposed persons (PEPs) and the risks they
pose. PEPs are individuals who have been entrusted with
a prominent public function, such as politicians, government officials, and
judiciary members. Because they often have access to sensitive
information or hold powerful positions, they can be
targets for bribery or extortion. Protecting your business from dealings
with a politically exposed person is essential for mitigating risk. Here's what
you need to know.
FATF Guidance: Politically Exposed Persons
(Recommendations 12 and 22)
https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Peps-r12-r22.html
Excerpt: A politically exposed person (PEP) is an individual who is or has been entrusted with a prominent function. Many PEPs hold positions that can be abused for the purpose of laundering illicit funds or other predicate offences such as corruption or bribery. Because of the risks associated with PEPs, the FATF Recommendations require the application of additional AML/CFT measures to business relationships with PEPs. These requirements are preventive (not criminal) in nature, and should not be interpreted as meaning that all PEPs are involved in criminal activity.
The FATF has developed guidance which will assist in the effective implementation of these additional measures for foreign, domestic and international organisation PEPs, their family members and close associates, as set out in Recommendations 12 and 22.
Key to the effective implementation of Recommendation 12 is the effective implementation of customer due diligence requirements: for financial institutions to know who their customers are. External sources of information for determining PEPs exist, such as commercial and other databases, and the paper provides some guidance on the use of these, and other, external sources of information. However, these databases are not sufficient to comply with the PEPs requirements, nor does FATF require the use of such databases.
The annex to the guidance sets out a
collection of red flags and indicators for suspicion that can be used to assist
in the detection of misuse of the financial systems by PEPs during a customer
relationship. Examples of such red flags are the use of
corporate vehicles to obscure ownership by PEPs, information being provided by
the PEP being inconsistent with other publicly available information (such as
asset declarations and published official salaries), or doing business with
PEPs that are connected to higher risk countries (such as those for which FATF
issues public statements) or high risk industries or sectors.
HKMA
Smart tips on the treatment of Politically
Exposed Persons (PEPs)
Anti-money laundering and Counter-Financing
of Terrorist Financing
https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20251120-6-EN/20251120-6-EN.pdf
Excerpt: Categories
of PEPs
PEPs can be classified into three
categories based on where they are entrusted, or have been entrusted, with the
prominent public function:
- Hong Kong PEP
- Non-Hong Kong PEP
- International Organisation PEP
林鄭現金出糧 大量現鈔放哪裏？
撰文：傅流螢
香港經濟日報 (2020/11/30)
節錄：特首林鄭月娥早前自爆，沒有銀行戶口，就連政府出糧，都要以現金支付。月薪 39 萬（港幣，下同）多的她，到底如何存放每月領取的鈔票？她接受報章專訪時就透露，放在禮賓府上層的抽屜裏。林鄭月娥今年減薪一成後，現時每月薪金約 39 萬元，年薪近 469 萬元，換句話，每月都要存放 390 張 1 千元鈔票。她在禮賓府接受傳媒訪問，被問如何存放大疊現鈔，是否放在床墊下。她向上望稱，現鈔放在上層的抽屜裏。林鄭又補充，甚少有機會花錢，所以只是領取部分薪金，其餘仍放在庫房裏，適當時會取回未領的薪金，會有一定數量的現鈔。被問到美國制裁影響到其兒子、家庭，她拒絕詳細回應，只稱家人全力支持她（Fully behind me），而制裁對他們造成的影響，比不便更多。
陳智思遭美資銀行關閉戶口 匯豐亦對其退避三舍
RFA (2020-07-28)
https://www.rfa.org/cantonese/news/htm/hk-bernard-07282020072453.html
節錄：英國《金融時報》引述香港行政會議召集人陳智思表示，早前接獲一間美國銀行的通知,將關閉其戶口並退款。陳智思不願透露該銀行的名字。《金融時報》報道，陳智思指出，隨著中美兩國關係日趨緊張，外資銀行對與官員的業務往來更為審慎，並正拒絕一些香港官員的戶口。陳智思又指，美資銀行不願接觸政治敏感的人士，即使是匯豐銀行亦不想與他有往來。
相關的文章：
囚錢 (Part 2)
2026 年 6 月 13 日
https://xiaoshousha.blogspot.com/2026/06/part-2.html
節錄：今次是中國的金融監管機構出手，迫使外資銀行主動踢走資金來源有疑點的中國居民或企業客戶。短期內，停泊於外資銀行內的中國客戶（個人或企業）的資金（舊錢）會減少，而新錢的流入速度也會減慢。影響有多大，視乎那些監管措施的執行力度有多大以及持續多久，也視乎國產的 HNWI (High Net Worth Individual) 是否會放棄香港，把錢轉移至其他地方（例如：新加坡、杜拜、瑞士或虛擬世界）。外資銀行的合規 (Compliance) 成本肯定會增加。
囚錢 (Part 1)
2026 年 6 月 5 日
https://xiaoshousha.blogspot.com/2026/06/part-1.html
節錄：三管齊下（懲罰證券商+銀行開戶難度增加+發布《國務院關於對外投資的規定》）之後，部份國產的 HNWI (High Net Worth Individuals) 也許會放棄香港。如果你知道在香港的證券商或銀行（中資或港資或外資）的賬户有可能在沒有預警的情況下突然被凍結或關閉，原因是香港的金融監管機構要配合國家政策，你會怎麼做？轉投新加坡、杜拜或瑞士，對不對？
Rerun（舊文重溫）
2026 年 5 月 27 日
https://xiaoshousha.blogspot.com/2026/05/rerun.html
節錄：這個博客的讀者都是聰明人，讀完財經新聞之後，來這裡尋找相關的評論文章，溫故知新，讓自己對複雜的事情有更深入的認識，更好地掌握問題的重心。說明這個博客已經成為一個有影響力的知識庫，協助讀者自學財經知識。學會拆解騙局，不會變水魚（港式粵語：受害者）。Auntie 貢獻社會，很好。以下幾篇舊文跟近期的財經新聞有關。關鍵字：槓桿，走資。
監管套利 (Regulatory
Arbitrage) (Part 1)
2026 年 3 月 1 日
https://xiaoshousha.blogspot.com/2026/03/regulatory-arbitrage-part-1.html
節錄：常見的監管套利：中國大陸有外匯管制而香港沒有，於是香港成為大陸人走資及洗黑錢的地方。香港是鹹淡水交界（提示：一國兩制），特別多監管套利活動，而走資及洗黑錢，還有走私及逃稅等活動背後的思路，是在不同的制度之間鑽空子及套利。對香港人來說，是家常便飯，見慣見熟。中文財經媒體不敢深入討論，背後是什麼原因，你懂的。
Deutsche Bank in troubles, again
2026 年 2 月 8 日
https://xiaoshousha.blogspot.com/2026/02/deutsche-bank-in-troubles-again.html
節錄：當客戶來自另一種政治制度，對銀行服務有另一套要求，如何在開拓新興市場和風險管理之間取得平衡，是高難度的走鋼線功夫，考驗管理層的功力。德意志銀行的客戶名單，以及這間銀行跟俄羅斯和中國客戶交手的經歷，讓你明白這個遊戲有多難玩。當源自資本主義的外資銀行跟來自前共產主義國家的白手套（個人或企業）打交道，西方人設計的監控制度（內部合規）能否發揮應有的功能？還是在利潤面前被矮化或被犧牲？
騙徒版購房通 (Part 4)
2025 年 10 月 31 日
https://xiaoshousha.blogspot.com/2025/10/part-4.html
節錄：真正目的是為犯罪收入打造一個合法的身份，這是洗黑錢過程的第一步，英文叫 Placement。第二步叫 Layering（分層），第三步叫 Integration （整合），請參考《延伸閱讀》部份提供的英文資料。壞人把犯罪收入打入合法的金融機構之內，方便日後使用、儲存或投資（錢生錢）。對犯罪集團來說，儲存和搬運大量現金很不方便。那些現金因為沒有合法的身份，使用起來也很麻煩，於是透過償還貸款這個安排替黑錢打造一個合法身份，同時替門面公司營造財務狀況健全的假象，有助跟合法金融機構建立長遠的合作關係。
FATF 的灰名單和黑名單
2026 年 1 月 6 日
https://xiaoshousha.blogspot.com/2026/01/fatf.html
節錄：長期被美國制裁或被 FATF 列入灰名單 (Grey list) 甚至是黑名單 (Black list) 的國家，從事正當產業有困難，更無法進行產業升級，只能「撈偏門」，成為國家級犯罪集團。例如：訓練電腦黑客盜取別國的個人資料或商業機密或加密貨幣，然後在暗網 (Dark Web) 轉移或出售。從事人口販賣或跨國詐騙。用影子船隊 (Shadow Fleet) 在公海上用「船過船」的方式販賣石油（提示：俄羅斯、伊朗和委內瑞拉都用這一招，都是賣石油給中國的產油國）。透過這些活動賺取的黑錢要想辦法漂白，否則難以進入美國主導的國際金融體系。這種國家於是成為洗黑錢專家，習慣依賴犯罪活動賺取收入，支持國家運作，形成惡性循環，難以抽身，聲名狼藉。
Kleptocracy（盜賊統治）
2021 年 8 月 20 日
https://xiaoshousha.blogspot.com/2021/08/kleptocracy.html
節錄：盜賊統治 (Kleptocracy) 跟洗黑錢活動關係密切，有如連體嬰，或錢幣的兩面。Kleptocrats 是指貪污腐敗的當權者（竊國者），這個詞經常在英語傳媒對於洗黑錢活動的調查報導中出現。金錢無國界，竊國者透過離岸公司及複雜的股權結構，把不義之財轉移至對資產提供較佳保障的西方國家，然後隱藏起來。竊國者要保護自己的權力以及家族利益，必定會全力摧毀本國的法治及設法打壓公民社會，同一時間卻享受著西方國家所提供的法律保障，卑鄙無恥，對不對？
Pandora Papers
2021 年 10 月 4 日
https://xiaoshousha.blogspot.com/2021/10/pandora-papers.html
ICIJ links for readers interested in offshore finance:
隱身術
2019 年 9 月 27 日
https://xiaoshousha.blogspot.com/2019/09/blog-post_27.html
節錄：早於 2018 年初中美貿易戰爆發之前，紅色資本的海外併購活動已經遇到困難。西方國家基於國家安全考慮，對中資說不（提示：倫敦交易所），又或者設置障礙。中資的回應方式，是動用港人、台商、南洋華僑甚至親共洋人 (Panda Hugger) 當人頭或 Frontman，讓大股東可以退居幕後。
諜影
2016 年 4 月 22 日
http://xiaoshousha.blogspot.hk/2016/04/blog-post_22.html
節錄：根據 Washington Post 的報導，負責分析文件的國際調查記者聯盟 (The International Consortium of Investigative Journalists, ICIJ) 背後的美國公共誠信中心 (Center for Public Integrity)，金主是國際大鱷索羅斯 (George Soros)。他較早前表示會「沽空亞洲貨幣」，令偉大祖國非常緊張，官媒輪流開炮。索羅斯戰績彪炳，利用在金融市場賺來的錢，資助共產黨的對頭人。中國和俄羅斯的領導人首當其衝，被爆陰毒，理所當然。
愛國生意
2016 年 11 月 9 日
https://xiaoshousha.blogspot.com/2016/11/blog-post.html
節錄：以為可以做福兒孫，結果變成禍延子孫。這盤生意的資產負債表 (Balance sheet) 已經無法平衡了。那些小便宜、小甜頭（例如：人大或政協身份所帶來的各種好處），只不過是贏粒糖（粵語：得到糖果作為獎賞）。你所輸掉的，不是工廠，因為香港的工業早已北移，部份再轉移到越南或柬埔寨，而是家族的聲譽，以及兒孫的前途。生意人不明白，中國共產黨每隔一段日子就會發瘋，然後犧牲一批追隨者。
自報家門（三）
2009 年 7 月 24 日
https://xiaoshousha.blogspot.com/2009/07/blog-post_24.html
節錄：從這個角度看，不管是「自報家門」式的個人專訪，還是八卦雜誌的「專題組／時事組」（狗仔隊的代名詞）針對個別人士進行的「起底」報告，其實是提供了一種廉價以及低層次的「盡職審查」（Due Diligence）或者「信貸分析」 (Credit Analysis) 服務，為繁忙的中環友提供參考資料以及社交場合的話題，並非單純「八卦」那麼簡單。對於經常更新投資組合 (Investment Portfolio) 的中環友來說，等到謠言變成事實，化成數字在公司的業績報告中出現，就已經太遲。
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