12 April 2017 - SFC reprimands and fines iSTAR International Futures

Rifa Futures (previously iSTAR International Futures)
Source - http://www.scmp.com/business/banking-finance/article/2087117/sfc-fines-istar-international-futures-hk3m-breaching-anti
Where - Hong Kong, Special Administrative Region of the People's Republic of China
Cost - 3,000,000 HKD
Business line - Retail Brokerage

The Securities and Futures Commission (SFC) of Hong Kong has reprimanded iSTAR International Futures Co. Limited, now known as Rifa Futures Limited (Rifa), and fined it HK$3m for failures to comply with anti-money laundering regulatory requirements when processing third-party fund transfers.

An SFC investigation found that between January and July 2014, Rifa took insufficient steps to mitigate the risk of money laundering when handling third-party deposits and transfers by failing to: obtain proper written instructions from clients and verify the identity of third parties before effecting deposits on numerous occasions; make sufficient enquiries and maintain proper records of the findings; ensure that the approval process in respect of third-party deposits was effective; provide adequate anti-money laundering training to its staff; and put in place an appropriate and effective compliance function.