The Securities and Futures Commission (SFC) has banned Mr Suen Kin-wing, a former Associate Director of UBS AG (UBS), from re-entering the industry for life in light of his criminal convictions for money laundering and committal for contempt of court (Note 1). The case arose from Suen’s role as the Client Advisor of two Mainland Chinese clients who held a joint account with UBS (Joint Account). Since the clients encountered difficulties in remitting RMB from the Mainland to H

According to the FATF’s 2025 Targeted Update on the Implementation of the FATF Standards on VA and VASPs, although there has been some progress with compliance, many jurisdictions still struggle with the implementation of some of the fundamental requirements of R.15, particularly undertaking a risk assessment on VA/VASP [30]. When undertaking a risk assessment related to VA/VASPs, countries should consider how VASPs differ to traditional financial institutions (FIs), and how

HM Treasury invites feedback on amendments to the UK’s Money Laundering Regulations; consultation closes 30 September 2025. Documents The draft Money Laundering and Terrorist Financing (Amendment and Miscellaneous Provision) Regulations 2025 - Policy note PDF, 161 KB, 18 pages The draft Money Laundering and Terrorist Financing (Amendment and Miscellaneous Provision) Regulations 2025 - Policy note HTML Draft SI: The Money Laundering and Terrorist Financing (Amendment and Misce

The Insurance Authority (IA) has issued a public reprimand on Tahoe Life Insurance Company Limited (Tahoe Life) and imposed a fine of $10 million to be borne by its shareholders’ fund. The disciplinary actions are connected with related party transactions performed by Tahoe Life between July 2019 and April 2020 without prior consent of the IA that involved Tahoe Group Global (Co.) Limited. Both Mr Huang Qisen and Mr Ge Yong were directors of the insurer at the material time a

The Securities and Futures Commission (SFC) has suspended Mr Chow Tsz Lam, a former responsible officer (RO) and manager-in-charge of various core functions of the now dissolved Agg. Asset Management Limited (Agg), for 12 months from 2 September 2025 to 1 September 2026 over fund management failures (Notes 1 to 3). The disciplinary action followed the SFC’s investigation which found that Agg, as the investment manager of a Cayman-incorporated fund, invested up to 100% of the

The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) today published the findings of their annual joint survey on the distribution of non-exchange-traded investment products, showing record sales and level of market participation for these products during 2024 (Note 1). Total transaction amount of non-exchange-traded investment products by licensed corporations (LCs) and registered institutions (RIs) surged 40% year-on-year to a record $6,0