Hong Kong: Regulator Applies Tough Penalties for Non-compliance with AML

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Hong Kong’s financial regulator fined the brokerage firm Guosen HKD $15.2 million for failing to conduct procedures aimed at countering money laundering. This is the largest fine in the entire history imposed by the Securities and Futures Commission for violating measures to combat the legalisation of funds obtained by illegal means.

Guosen company is associated with the opening of more than 2,200 deposits for third parties worth more than 2.3 billion Hong Kong dollars in 2014-2015. It is known that in relation to these persons appropriate compliance checks were not carried out.