On November 22, 2023, Lion Futures Limited (LFL), headquartered in Hong Kong, incurred a US$ 358K fine from the Securities and Futures Commission (SFC) for non-compliance with anti-money laundering and counter-terrorist financing (AML/CFT) standards.
To know more, click here https://www.fcctimes.com/2023/11/22/sfc-fines-lion-futures-limited-2-8m-for-aml-cft-violations-and-regulatory-failures/?utm_source=RZOLUTWebsite&utm_medium=FCCFlash05Dec
Between May 2017 and July 2019, LFL neglected due diligence on customer-supplied systems (CSSs) used by clients, compromising the risk assessment for money laundering and terrorist financing. Additionally, their ineffective monitoring system overlooked 1,098 self-matched trades in client accounts. Consequently, the SFC deemed LFL’s systems inadequate, failing to comply with AML/CFT laws and guidelines.
