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Hong Kong’s Securities and Futures Commission (SFC) announced today that it has reprimanded and fined Guotai Junan Securities Ltd (Hong Kong) $1.3 million for failing to comply with its regulatory requirements in relation to ascertaining client identity.
The fine followsa further seven figurepenalty which was imposed on Unicorn Securities Company Ltd in March this year, as reported by Finance Magnates.
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Client Identity Rule
The Client Identity Rule policy stipulates that a licensed person must refuse the business ... (read more)