HONG KONG: REGULATOR IMPOSES $25.2 MILLION FINE ON GUOTAI JUNAN SECURITIES FOR AML ETC FAILINGS

On 22 June, finance Feeds reported that Guotai Junan Securities (Hong Kong) Limited has been fined by the Securities and Futures Commission (SFC) for multiple internal control failures and regulatory breaches in connection with AML, handling of third party fund transfers and placing activities, as well as detection of wash trades and late reporting. The SFC says that, between March 2014 and March 2015, it failed to take reasonable measures to ensure that proper safeguards were put in place to mitigate the risks of money laundering and terrorist financing in processing 15,584 third party deposits or withdrawals for its clients, totalling approximately $37.5 billion – despite red flags suggesting some of the third party fund transfers were unusual or suspicious.

https://financefeeds.com/hk-regulator-imposes-25-2m-fine-guotai-junan-securities/

 

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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