The Securities and Futures Commission of Hong Kong (SFC) has suspended the practice of Mr. Andy Wong Yeung, former responsible officer, manager in charge of major business lines and director of overall management supervision and director of City International Futures (Hong Kong) Limited (CIFHKL) for 10 months.。

Suspension period from January 9, 2024 to November 8, 2024。

The disciplinary action follows the SFC's sanctions for CIFHKL's failure to comply with anti-money laundering and counter-terrorism financing (AML / CFT) and other regulatory requirements between March 2016 and October 2018.。

The SFC believes that the default of China International Capital Hong Kong is attributable to Huang Guoqiang's failure to perform his duties as a responsible officer and member of senior management of China International Capital Hong Kong at a significant time。

The SFC's investigation found that CIFHKL did not conduct sufficient due diligence and failed to properly assess and manage money laundering and terrorist financing activities and other risks associated with allowing customers to place orders using the Customer Provision System (CSS).。The SFC also found that CIFHKL had not conducted appropriate enquiries on customer deposits that did not match the financial status reported by customers and had not established an effective ongoing monitoring system to detect and assess suspicious transaction patterns in customer accounts.。

In deciding on disciplinary sanctions against Wang Guoxing, the SFC took into account a number of factors, including the failure of Wang Guoxing and China International Capital Hong Kong Limited to monitor their clients' activities as well as the lack of adequate and effective systems to prevent money laundering / counter-terrorism financing and the seriousness of the control measures.。The regulator also noted the need to send a strong deterrent message to the market。

In other respects, Wong has no disciplinary record.。