Resorts World Sentosa did not perform customer due diligence checks and identity verification when receiving cash from third party depositors.
December 11, 2023Chee Tak Securities had no written manuals, policies and procedures on recording order instructions, ongoing monitoring, trade surveillance or employee dealing.
September 19, 2023Unrelated clients received deposits from the same third party within four days, and then used the funds to trade in the same stock.
June 17, 2022Emperor processed third party fund transfers without validating the relationships between the clients and the third parties, or the reason for the transfers.
March 17, 2022The case involved control deficiencies in respect of 33 Financial Services Limited's transaction monitoring and name screening systems, the HKMA said.
January 17, 2022Mayer Brown's Susanne Harris, Wei Na Sim, Alan Linning and Charlene Wong discuss key developments in the AML/CFT space in Hong Kong in 2021.
November 23, 2021The guidelines will take effect on 30 September, except for the new cross-border correspondent relationships requirements, which take effect six months later.
September 16, 2021Sino-Rich Securities & Futures was fined for AML breaches in March. Its CEO and another director have been deemed responsible.
July 20, 2021As the 24 September deadline for VASPs to register their businesses approaches, some businesses may close down, presenting risks to customer deposits.
July 3, 2021The SFC found deficiencies in areas including oversight, internal controls, risk assessments, third party deposits, SoW/SoF checks, and sanctions screening, among others.
December 2, 2020