Tag: SFC fines

November 22, 2017 BY Valentina Kirilova

HSBC Private Bank (Suisse) SA fined HK$400 million for systemic failures in selling structured products

HSBC Private Bank (Suisse) SA, the Hong Kong branch of the Switzerland-based private banking business of HSBC Group, has been fined a record sum of HK$400 million after the Securities and Futures Appeals Tribunal (SFAT) upheld the Hong Kong SFC’s disciplinary action against the bank for material systemic failures in relation to the sale of…

Read more
April 12, 2017 BY Valentina Kirilova

SFC reprimands and fines iSTAR International Futures Co. Limited $3 million over anti-money laundering

The Securities and Futures Commission (SFC) has reprimanded iSTAR International Futures Co. Limited, now known as Rifa Futures Limited, and fined it $3 million over failures to comply with anti-money laundering regulatory requirements when processing third party fund transfers. An SFC investigation found that between January and July 2014, Rifa took insufficient steps to mitigate…

Read more
March 24, 2017 BY Valentina Kirilova

SFC fines Merrill Lynch Far East Limited & Merrill Lynch Limited $15 million over internal control failures

The Securities and Futures Commission (SFC) has resolved its concerns with Merrill Lynch Far East Limited (MLFE) and Merrill Lynch (Asia Pacific) Limited (MLAP) over internal control failures. Under the resolution, the SFC reprimanded and fined them a total of $15 million for breaches of the Code of Conduct and the Internal Control Guidelines. In…

Read more
March 16, 2017 BY Valentina Kirilova

SFC reprimands and fines DBS Vickers (Hong Kong) Limited $2 million

The Securities and Futures Commission (SFC) has reprimanded DBS Vickers (Hong Kong) Limited (DBSVHK) and fined it $2 million for regulatory breaches and internal control failings relating to under-segregation of client money. The disciplinary action follows an SFC investigation into three self-reports by DBSVHK about possible non-compliance with the Securities and Futures (Client Money) Rules…

Read more
March 14, 2017 BY Valentina Kirilova

SFC reprimands and fines Zhongtai International Securities Limited $2.6 million

The Securities and Futures Commission (SFC) has reprimanded Zhongtai International Securities Limited, formerly known as Qilu International Securities Limited (Zhongtai), and fined it $2.6 million for failures in complying with anti-money laundering regulatory requirements when handling third party fund deposits. The SFC found that between January 2013 and December 2014 (Relevant Period), Zhongtai failed to:…

Read more
SFC fines
March 06, 2017 BY Valentina Kirilova

SFC fines Guangdong Securities Ltd $3 million for breach of anti-money laundering guidelines

The Securities and Futures Commission (SFC) has reprimanded Guangdong Securities Limited (GSL), now known as Sinolink Securities (Hong Kong) Company Limited, and fined it $3 million for failures in complying with anti-money laundering guidelines when handling third party payments. The SFC found that between February 2011 and March 2013, GSL’s internal controls for handling payments…

Read more
February 20, 2017 BY Valentina Kirilova

Former GRG Investments CEO convicted of unlicensed dealing

The Eastern Magistrates’ Court today convicted Mr Chiang Ching Fung, former chief executive officer of Gold Root Global Investments Limited (GRG Investments), of unlicensed dealing in futures contracts in a prosecution by the Securities and Futures Commission (SFC). This came after the conviction of GRG Investments in October last year of dealing in futures contracts…

Read more