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ARTICLE · 29 MARCH 2019

Do You Know Where That Money Is Coming From?

Hogan Lovells
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The Hong Kong Securities and Futures Commission has issued its largest fine ever for violations of anti-money laundering and counter-terrorist financing regulatory requirements.

Hong KongGovernment, Public Sector
Stephanie Tsui
Stephanie Tsui

The Hong Kong Securities and Futures Commission (SFC) has issued its largest fine ever for violations of anti-money laundering (AML) and counter-terrorist financing (CFT) regulatory requirements. Last month, the SFC announced that it has fined Guosen Securities (HK) Brokerage Company, Limited (Guosen) HK$15.2 million for its internal control deficiencies and breaches of AML/CFT regulations1.

This is more than double the fine for similar breaches in the past. The SFC's record breaking fine against Guosen appears to be due to an egregious breakdown in its systems and controls to identify and monitor AML/CFT risks, as well as senior management's outright disregard to AML/CFT concerns.

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