Daily News Headlines

  • Daily News Headlines – 23 Jun 2020

    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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