SFC reprimands and fines Guotai Junan Securities (Hong Kong) Limited $25.2 million for breaches relating to anti-money laundering and other regulatory requirements
SFC, 22 Jun 2020
The Securities and Futures Commission (SFC) has reprimanded
and fined Guotai Junan Securities (Hong Kong) Limited (Guotai Junan) $25.2
million for multiple internal control failures and regulatory breaches in
connection with anti-money laundering, handling of third party fund transfers
and placing activities, as well as detection of wash trades and late reporting.
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FCA reminds cryptoasset businesses to register before the
end of June
FCA, 22 Jun 2020
To ensure that applications are processed on time the FCA
requires firms to submit completed applications for registration by 30 June
2020.
The FCA became the anti-money laundering and counter
terrorist financing (AML/CTF) supervisor of businesses carrying out certain
cryptoasset activities in the UK on 10 January 2020.
Any businesses that started carrying on business in the UK immediately
before 10 January 2020 and are not registered by the FCA by the 10 January 2021
deadline will have to cease carrying on business.
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Hong Kong wealth managers can’t wait for new Connect
programme, with Singapore ready to pounce on city’s troubles
SCMP, 22 Jun 2020
China’s plan to turn the Greater Bay Area into a hub for
wealth management products will help turbocharge Hong Kong’s fund industry,
giving it an invaluable edge in warding off challenges from Singapore, market
players said.
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