Abstract:City International Futures (Hong Kong) Limited (CIFHKL), formerly known as VERCAP Financial Services Limited, was reprimanded and fined $100,000 by the Securities and Futures Commission (SFC) of Hong Kong for failing to adhere to anti-money laundering and counter-terrorist financing (AML/CFT) and other regulatory requirements between March 2016 and October 2018.

City International Futures (Hong Kong) Limited (CIFHKL), formerly known as VERCAP Financial Services Limited, was reprimanded and fined $100,000 by the Securities and Futures Commission (SFC) of Hong Kong for failing to adhere to anti-money laundering and counter-terrorist financing (AML/CFT) and other regulatory requirements between March 2016 and October 2018.
According to the inquiry, CIFHKL neglected to perform due research on the customer-supplied systems (CSSs) that 16 customers used to place orders. As a result, CIFHKL was unable to effectively assess and handle the dangers of money laundering and terrorism funding (ML/TF) posed by the use of such CSSs by its customers.

The SFC also found that the sums deposited into two client accounts did not match the stated financial characteristics of those clients. Although CIFHKL asserted that it monitored client account money moves on a daily basis and was aware of the sizeable deposits in the two client accounts, it was unable to demonstrate that it had properly investigated the deposits and adequately handled the related ML/TF risks.
The SFC discovered that CIFHKL did not put in place a reliable system of continuous surveillance to identify suspect trading trends in customer accounts. The regular and numerous transactions in the two customer accounts made this clear. The same customer frequently made buy and sell orders at the same price for the products of the same future in the same second.
Because CIFHKL's systems and controls didn't successfully guarantee adherence to the AML Guideline and the Code of Conduct, the SFC found them to be insufficient and ineffectual.
The investigation's results highlight the significance of strong AML/CFT controls for banking organizations. Inadequate due diligence and tracking procedures can have serious legal repercussions for businesses as well as harm their reputations.
The instance of CIFHKL further emphasizes the necessity for businesses to keep efficient controls to recognize and reduce ML/TF risks. The goal of customer due diligence and continuous tracking should be to spot odd or suspect behavior as well as transactions that could be an indication of ML/TF activity.
Banking organizations should use the right technological tools to effectively watch the activities of their customers. Such technology can help identify activities that may be a sign of ML/TF threats, enabling businesses to respond appropriately and quickly.
Install the WikiFX App on your smartphone to stay updated on the latest news.
Download link: https://www.wikifx.com/en/download.html?source=fma3


As the Lunar New Year approaches, renewal is in the air. It is a moment to bid farewell to the old, welcome the new, and reflect while moving forward.

XSpot Wealth has found many negative comments from traders who have allegedly been deceived by the broker. Traders constantly accuse the broker of causing unnecessary withdrawal blocks and forcing them to continue depositing with it. Many user complaints emerged on WikiFX, a leading global forex regulation inquiry app. In this XSpot Wealth review article, we have investigated multiple complaints against the broker. Read on!

Did SEVEN STAR FX make unreasonable verification requests and block your forex trading account later? Did the broker prevent you from accessing fund withdrawals? Were you made to wait for a long time to receive a response from the broker’s customer support official? Have you had to seek legal assistance to recover your stuck funds? Well, these are some claims made by SEVEN STAR FX’s traders. In this SEVEN STAR FX review article, we have looked closely at the company’s operation, the list of complaints, and a take on its regulatory status. Keep reading to know the same.

When traders search for "Is ZarVista Safe or Scam," they want to know if their capital will be safe. Nice features and bonuses do not matter much if you can't trust the broker. This article skips the marketing talk and looks at real evidence about ZarVista's reputation. We want to examine actual user reviews, look into the many ZarVista Complaints, and check the broker's legal status to get a clear picture. The evidence we found shows serious warning signs and a pattern of major user problems, especially about the safety and access to funds. This report gives you the information you need to make a smart decision about this risky broker.