SFC Publicly Reprimands and Fines Guotai Junan HK$25.2 million

On 22 June 2020, the SFC announced that it has reprimanded and fined Guotai Junan Securities (Hong Kong) Limited (Guotai Junan) HK$25.2 million for internal control failures and regulatory breaches in  failing to mitigate risks of money laundering and terrorist financing in relation to third party fund transfers and a listed company’s placing activities and failure to detect and late reporting of wash trades. Full details are available in the SFC’s statement of disciplinary action[1] on the SFC website. The following is a summary of the key regulatory issues. Read More…