The total number and value of TPDs involved were 780 and approximately HK990 million respectively. In reality, Guosen had no controls to mitigate the risks of ML/TF associated with TPDs. Monitoring and reporting suspicious transactions, maintaining records for at least 7 years. The lack of ongoing monitoring had contributed to Guosens failure to recognise the large number of unusual and suspicious transactions during the Relevant Period. Cap 615 ) and Money Changers Ordinance (. Although Guosens operational manual required clients receiving third-party deposits to submit a standard form declaring that the source and purpose of the funds were irrelevant to terrorist and criminal activities, the company neither requested that clients provide nor. The disciplinary action concerns Guosens internal control deficiencies and regulatory breaches in relation to anti-money laundering and counter financing of terrorism (AML/CFT) best cryptocurrency trading app deposit and withdraw money during the period from November 1, 2014 to December 31, 2015. Instead, Guosens IT system automatically processed all deposits in the sub-accounts, regardless of the source and amount of the deposits. More than 300 distributors are authorized to provide subscription-based services for CME market data. The SFC has determined that Guosen is guilty of misconduct, and its internal control failures and regulatory breaches have called into question its fitness and properness to remain a licensed corporation. UniForex Limited is also an Advisory Member. Also, Guosen accepted over 9,000 TPDs in the aggregate amount of HK4 billion made by telegraphic transfer (TT) and inter-bank transfer (rtgs into the sub-accounts of more than 3,500 clients.
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Through distributor services, individuals and corporations may obtain access to real-time, delayed, and end-of-day"tion, trade, and market summary data for CME Group futures and options markets. Some of the service options available include dedicated computer terminals, data feeds, mobile devices, and the Internet. Cap 34 Laws of Hong Kong, the money changer accepts no responsibility for the customer's failure to comply with any country's or territory's currency controls. UniForex Limited, as financial institution in Hong Kong, engaged with independent professional to conduct compliance audit. The regulator has imposed a fine of HK15.2 million on the brokerage and has reprimanded it publicly. The evidence shows that this prevalent situation about TPDs being incommensurate with clients net worth was known to one account executive who helped some of her 300 clients deposit funds. UniForex Limited is a highly compliant licensed entity and strictly follows Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (. Training staffs to recognize suspicious transactions. Cap 34 Laws of Hong Kong.
However, no enquiries had been made to examine the background and purpose of those transactions. To meet the various needs of investors, distributors utilize a variety of communication services to disseminate market data. Contrary to the provisions in its operational manual, Guosen did not require its clients to submit any Declaration in respect of these TPDs. There were no policies for the scrutiny and approval of TPDs. Although Guosens then Head of Settlement kept records of these TPDs, nothing had been done to check whether they were consistent with the clients respective financial profiles as there were no procedures to either scrutinise or approve these TPDs. In deciding the disciplinary sanction, the SFC has taken into account various factors, including: there were more than 2,200 unusual or suspicious TPDs in the aggregate amount of over HK2.3 billion during the Relevant Period which covers ids forex hk ltd a period. The prevention of money laundering is a key focus of regulatory authorities in developed countries.
In short, Guosen did not take any steps to ascertain whether the TPDs were consistent with existing profiles of the relevant clients. Hong Kong Customs and Excise. Customers be aware the statutory requirements in Hong Kong for the reporting of import and export of goods and exemption items, for instance crossboundary transportation of currency, gold and other precious metals and stones, etc. UniForex Limited is a licensed Money Services Operator in Hong Kong (Licence. CME Group continues to expand its global reach: Learn more about Asia Certified Market Data Distributors. Guosen did not obtain copies of the identification documents of the third party depositors and had no procedures in place to verify their identities or to check if they were high-risk individuals or entities. The prevention of money laundering inhibits the movement of funds derived from criminal activity and restricts the availability of money to fund terrorist activities. For instance, at least 102 clients received TPDs which were incommensurate ids forex hk ltd with the net worth as declared in their respective account opening forms. For details, please refer to Import and Export (Registration) Regulations (.
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UniForex is committed to preventing money laundering through its service and complies with ids forex hk ltd regulatory requirements including: Identifying clients with Photo IDs and Address Proof. For your convenience, we have listed contact information and services offered below. In addition, some Distributors offer a variety of value-added services such as charting, analytical, and historical data. HK, online forex trading tips # Forex expert advisor 2017. Financial activity in Hong Kong. List of Best Financial activity Companies in Hong Kong with Addresses, Phone numbers, Reviews, Photos and More on Hong Kong Business Directory. Hk 2011 AnnReport - Download as PDF File (.pdf Text File (.txt) or read online. The investigation revealed that HPI had transferred. HK 8 million from its segregated client account at DBS to the accounts of fxcm and Interactive Brokers.
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