SFC reprimands and fines Chee Tak Securities Limited $2 million and sanctions its responsible officer for regulatory breaches


Chee Tak Securities Limited (CTSL) has been fined $2 million by the Securities and Futures Commission (SFC) due to deficiencies in internal controls and various regulatory violations. Additionally, Kevin Chiu Koon Yu, the responsible officer at CTSL, has had his license suspended for 10 months. The SFC’s investigation revealed that CTSL failed to adhere to order recording policies, implement effective internal controls for monitoring trades, establish a proper system for detecting suspicious transactions, and enforce controls on third-party deposits, client account operations and employee dealings. The SFC holds Chiu accountable for the failures and questions his fitness and suitability for his role. The disciplinary actions took into consideration CTSL’s financial situation, the cessation of its business, and the cooperation of CTSL and Chiu in addressing the SFC’s concerns, as well as their previous disciplinary record.

Resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR102


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