The Securities and Futures Commission (SFC) has fined Jinrui Futures (Hong Kong) Limited (Jinrui Futures) $611,000 for breaching anti-money laundering (AML) regulations between April 2015 and June 2018. The SFC has also reprimanded the company and suspended two of its responsible officers, Shen Chun and Jiang Xiaoqing, who have been banned and suspended from the industry for six and five months respectively. The failures of Jinrui Futures were partially attributable to its senior management and responsible officers. The SFC found that Jinrui Futures’ conduct breached the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, the Guideline on Anti-Money Laundering and Counter-Terrorist Financing, and the Code of Conduct.
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On May 30, 2024, the European Union Council published a package of legislative proposals to strengthen the EU’s rules on anti-money laundering and countering the financing of terrorism (AML/CFT).
The EU AML Package consists of:
• Sixth Anti-Money Laundering Directive:
• Organizes national authorities to combat money laundering and terrorism financing.
• Creates Centralized Bank Account Registers for single access point data
• Harmonizes the format of bank statements for better tracing and confiscating crime proceeds.
• EU "Single Rulebook" Regulation:
• Harmonizes anti-money laundering rules across the EU.
• Includes new entities like crypto-sector, luxury goods traders, football clubs, and agents.
• Sets EUR 10,000 limit on cash payments
• Imposes stricter due diligence standards and regulates disclosure of beneficial ownership.
• Anti-Money Laundering Authority:
• Based in Frankfurt, it will have supervisory powers over...
