Skip to content
  • Home
  • About
  • Contact
  • Page
  • ​Master SEO Tactics
  • Top 9 Finance News Websites Ranking
wikifx

wikifx

  • Home
  • About
  • Contact
  • Page
  • ​Master SEO Tactics
  • Top 9 Finance News Websites Ranking
  • Toggle search form
  • Aquis Technologies partners with Investre to enable 100% cloud-native exchange forex news
  • Nadex bans trader for failure to respond to requests for info forex news
  • HK watchdog takes disciplinary action against 33 Financial Services Limited forex news
  • TradeStation Crypto announces new pricing plan forex news
  • Schroders appoints David Thomas as Fiduciary Management Bus Dev Director forex news
  • SIX, BearingPoint partner to develop fully integrated invoice-to-payment service forex news
  • Former JPMorgan traders argue against ex-Morgan Stanley trader testimony forex news
  • Google strengthens rules for investment ads in the UK forex news

HK watchdog fines Mason Securities $3.6M for AML requirement breaches

Posted on 2021-12-15 By admin No Comments on HK watchdog fines Mason Securities $3.6M for AML requirement breaches

Hong Kong’s Securities and Futures Commission (SFC) has reprimanded Mason Securities Limited (MSL), formerly known as GuocoCapital Limited (GCL), and fined it $3.6 million for failing to ensure proper certification of client identity before approving account opening and have in place controls for the identification of third party deposits, contrary to anti-money laundering and counter-terrorist financing regulatory requirements.

The regulator found that between December 2014 and January 2015, GCL failed to conduct proper customer due diligence before approving the opening of six clients’ accounts via a non-face-to-face approach because no controls were in place to ensure that proper certification of client identity documents was carried out.

The company also failed to take reasonable measures to ensure that proper safeguards exist to mitigate the risks of money laundering and terrorist financing when identifying and handling third party deposits as it failed to identify 15 cheques issued by third parties were deposited into five client accounts between May and July 2016 until the SFC requested for the relevant cheque copies.

This was due to GCL and MSL’s lack of policies and procedures for the identification of third party deposits prior to June 2017.

The SFC found MSL guilty of misconduct. The company’s fitness and properness to carry on regulated activities have been called into question. In deciding the disciplinary sanction, the SFC took into account a variety of factors, including that GCL and MSL’s failures in complying with AML/CTF requirements lasted for an extensive period of time. The regulator notes MSL’s cooperation in resolving the SFC’s concerns.

forex news Tags:forex-news

Post navigation

Previous Post: Nearly 2M households invest in financial instruments in the Netherlands
Next Post: Clearstream processes first dematerialised issuances on D7

Related Posts

  • FCA takes aim at illegal crypto ATMs operating in the UK forex news
  • Dubai / Hong Kong trading firms hit with fines for Wash Trades forex news
  • Saxo Bank enhances Corporate Actions group in OpenAPI forex news
  • Interactive Brokers expands range of funds and fund families forex news
  • Family arrested for conspiracy to launder cryptos stolen during Bitfinex hack forex news
  • Euronext welcomes 212 new equity listings in 2021 forex news

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • EUR/USD Holds Near 1.05 as Fed, ECB Policies Shape Market Sentiment
  • Gold Prices Hold Steady Amid Global Economic Uncertainty
  • Australian Dollar: How RBA Policies, Commodity Prices, and Global Tensions Are Shaping the AUD’s Market Performance
  • EUR/USD: Understanding the Currency Pair’s Trends
  • USD Under Pressure: Navigating Economic Data and Global Uncertainties

TAG

Axiory Review 2022 B2B B2Broker News Basic Forex Knowledge broker brokers brokers in the UK Brokersview Broker tools CFDs coin News cryptocurrency Cryptocurrency News Crypto News dogecoin FCA news finance forex forex-news Forex Broker Forex Brokers Forex Demo Account Forex market forex news forex scams forex time Forex trading fx fxtrader fxtrading Global Forex Gold Analysis HotForex InstaForex LiteForex Review 2022 markets work MT4 MT5 news OctaFX Review Samtrade FX South Africa trade Forex traders Trading Forex
  • Euroclear’s Taskize names new CEO forex news
  • Interactive Brokers TWS platform enables traders to see size quotes in lots forex news
  • European authorities take down fraudulent binary options network forex news
  • Afterpay updates on Square deal forex news
  • Exness hires Wael Makarem as Senior Market Strategist – MENA forex news
  • Credit Suisse income benefits from Archegos-related impact in Q3 2021 forex news
  • CME Group to launch E-mini S&P 500 Tuesday and Thursday Weekly Options forex news
  • ASIC bans Binary Options for retail traders in Australia forex news

Copyright © 2025 wikifx.

Powered by PressBook News WordPress theme