The SFC has reprimanded and fined Lion Futures Limited (LFL) $2.8 million for regulatory breaches related to anti-money laundering and counter-terrorist financing and other requirements. LFL failed to conduct due diligence on customer supplied systems used by clients, resulting in an inability to assess and manage associated risks. Additionally, LFL’s lack of an effective monitoring system led to the failure to detect self-matched trades in client accounts. The SFC deemed LFL’s systems and controls inadequate and ineffective, violating relevant ordinances, guidelines, and codes of conduct. LFL has taken remedial measures, cooperated with the SFC, and has an otherwise clean disciplinary record.
Learn with us in small steps