Wednesday, April 12, 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
Copyright © South China Morning Post (www.scmp.com) 2017

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.