Hong Kong’s Securities and Futures Commission has reprimanded Ching Tai International Financial Holdings Limited, fined it HK$7 million, and suspended the licence of one responsible officer for 12 months. According to Techub, the regulator said the firm failed to comply with anti-money laundering and counter-terrorist financing requirements, along with other regulatory rules, during the period from January 2021 to June 2022. The SFC said the misconduct included failures to establish and implement adequate and effective policies and procedures for customer due diligence and ongoing monitoring of client transactions. It also said the company failed to ensure that its staff followed those policies and procedures. The regulator added that these deficiencies undermined its objectives of protecting investors and maintaining market integrity and soundness.
Hong Kong’s Securities and Futures Commission (SFC) has reprimanded Ching Tai International Financial Holdings Limited, fined it HK$7 million, and suspended the licence of one responsible officer for 12 months.
According to Techub, the SFC said the firm failed to comply with anti-money laundering and counter-terrorist financing requirements, as well as other regulatory requirements, between January 2021 and June 2022.
Regulator cites gaps in customer due diligence and internal controls
The SFC said the breaches included a failure to establish and implement adequate and effective policies and procedures for customer due diligence and the ongoing monitoring of client transactions. It also said the company failed to ensure that its staff complied with the relevant policies and procedures.
The regulator said those deficiencies undermined its objectives of protecting investors and maintaining market integrity and soundness.
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