News Snapshot:
SFC imposes $3.8M fine on China Everbright Securities (HK) Limited The Hong Kong Securities and Futures Commission (SFC) has reprimanded and fined China Everbright Securities (HK) Limited (CESL) $3.8 million for failures in complying with anti-money laundering and counter-terrorist financing (AML/CFT) regulatory requirements. The SFC found that CESL failed to implement adequate and effective systems and controls to guard against and mitigate the risk of money laundering and terrorist financing associated with third party deposits between January 2015 and February 2017. The SFC’s investigation, which included a sample review of deposits received by CESL during the relevant period, revealed that...
