The Securities and Futures Commission (SFC) has imposed a $2.8 million fine on Lion Futures Limited (LFL) for non-compliance with anti-money laundering and counter-terrorist financing (AML/CFT) regulations and other regulatory requirements from May 2017 to July 2019. The SFC’s investigation revealed that LFL neglected due diligence on customer supplied systems (CSSs) used by five clients, hindering its ability to assess and manage associated money laundering and terrorist financing risks. Additionally, LFL’s lack of an effective monitoring system led to the failure to detect 1,098 self-matched trades in client accounts. The SFC deemed LFL’s systems and controls inadequate, emphasizing the breach of AML/CFT Ordinance, AML Guideline, and the Code of Conduct. Despite considering LFL’s remedial measures, cooperation, and clean disciplinary record, the SFC imposed the fine to send a deterrent message against such lapses in market integrity.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}