Hong Kong Monetary Authority and Securities and Futures Commission join forces in enforcement; Bank J. Safra Sarasin censured and fined HK$10.85 million
金管局與證監會合作執法行動 - 瑞士盈豐銀行股份有限公司因違反監管規定及內部監控缺失遭證監會譴責及罰款1,085萬港元
The Securities and Futures Commission censured Bank J. Safra Sarasin and fined it HK$10.85 million, finding that between January 2015 and December 2020 it had shortcomings in product due diligence, record-keeping and delayed reporting. The investigation followed the bank's self-report and a referral from the Hong Kong Monetary Authority. The bank failed to keep due diligence records for 141 bonds, and complaints from clients of 351 products will be handled under enhanced complaint-handling procedures.
The press release sets out the period of the breaches, the number of bonds involved and the amount of the fine, allowing readers to check how each shortfall corresponds to the disciplinary action.
Source: 金管局·新聞稿 · hkma.gov.hk