Circular to licensed corporations Expected controls for account opening and maintaining relationships with clients
Action requiredAMLConduct
What the SFC said
A review of 12 securities brokers found significant deficiencies in account-opening due diligence and cross-border correspondent relationships, including acceptance of questionable or forged documents and missed red flags. The SFC sets expected standards and additional measures, with zero tolerance for forged documents and warnings of supervisory and enforcement action.
This page is our summary and commentary, not the circular itself — always read the original before acting.
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