SFC reprimands and fines Jinrui Futures (Hong Kong) Limited $4.8 million and sanctions its responsible officers for regulatory breaches

enforcement

The party involved Jinrui Futures (Hong Kong) Limited (Jinrui Futures) and its Executive Director and Responsible Officer.

The company failures in performing their responsibility under anti-money laundering and counter-terrorist financing (AML/CFT) and other regulatory requirements between April 2015 and June 2018.

After an investigation by the SFC, it found that the company permitted 258 clients to use customer supplied systems (CSSs) for placing orders during the material time, had failed to conduct adequate due diligence on the CSSs; some of the deposits made into clients’ accounts were unusual or suspicious and inconsistent with the clients’ declared net worth and the company failed to conduct AML investigations on its clients before account opening, including identifying politically exposed persons and sancation person searching.

Therefore, it has a penalty of $4.8 million; banned the Former Executive Director and Responsible Officer, Shen Chun, from re-entering the industry from 6 February 2023 to 5 August 2023; and suspended the Responsible Officer, Jiang Xiaoqing, for five months from 6 February 2023 to 5 July 2023

resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR3

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