Hong Kong SFC Issues 10-Month Suspension to City International Futures Director Andy Wong Yeung for Failure to Discharge Duties & Money Laundering, 1
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Hong Kong SFC Issues 10-Month Suspension to City International Futures Director Andy Wong Yeung for Failure to Discharge Duties & Money Laundering, 1 Client in China Had Account Opened & Agent Operated Using Remote Software to Conduct Trades Without Permission 10th January 2024 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has issued a 10-month suspension to City International Futures Director Andy Wong Yeung for failure to discharge duties & complying with anti-money laundering requirements, with 1 client in China had account opened and an agent operated the account using remote software to conduct trades without permission. Hong Kong SFC: “The SFC’s investigation found that CIFHKL, without conducting adequate due diligence, was unable to properly assess and manage the money laundering and terrorist financing and other risks associated with permitting its clients to use client supplied systems (CSSs) in placing orders. The SFC also found that CIFHKL failed to conduct proper enquiries on client deposits which were incommensurate with the clients’ declared financial profiles and establish effective ongoing monitoring system to detect and assess suspicious trading patterns in client accounts.” More info below:
“ Hong Kong SFC Issues 10-Month Suspension to City International Futures Director Andy Wong Yeung for Failure to Discharge Duties & Money Laundering, 1 Client in China Had Account Opened & Agent Operated Using Remote Software to Conduct Trades Without Permission “
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Hong Kong SFC Issues 10-Month Suspension to City International Futures Director Andy Wong Yeung for Failure to Discharge Duties & Money Laundering
Hong Kong, Asia’s leading financial centre 9th January 2024 – The Securities and Futures Commission (SFC) has suspended Mr Andy Wong Yeung, former responsible officer (RO), manager-in-charge (MIC) of key business line and overall management oversight and director of City International Futures (Hong Kong) Limited (CIFHKL), for 10 months from 9 January 2024 to 8 November 2024 (Note 1). The disciplinary action follows the SFC’s sanctions against CIFHKL for its failures in complying with anti-money laundering and counter-terrorist financing (AML/CFT) and other regulatory requirements between March 2016 and October 2018 (Note 2). The SFC considers that CIFHKL’s failures were attributable to Wong’s failure to discharge his duties as an RO and a member of the senior management of CIFHKL during the material time.
The SFC’s investigation found that CIFHKL, without conducting adequate due diligence, was unable to properly assess and manage the money laundering and terrorist financing and other risks associated with permitting its clients to use client supplied systems (CSSs) in placing orders. The SFC also found that CIFHKL failed to conduct proper enquiries on client deposits which were incommensurate with the clients’ declared financial profiles and establish effective ongoing monitoring system to detect and assess suspicious trading patterns in client accounts (Notes 3 & 4).
In deciding the disciplinary sanctions against Wong, the SFC took into account that:
- the failures of him and CIFHKL to diligently monitor clients’ activities and put in place adequate and effective AML/CFT systems and controls are serious because their failings could undermine public confidence in, and damage the integrity of, the market;
- a strong deterrent message needs to be sent to the market that such failures are not acceptable; and
- he has an otherwise clean disciplinary record.
Notes:
A copy of the Statement of Disciplinary Action is available on the SFC website
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