FCC Flash

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.