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


Switched from one trading strategy to another but could not avert heavy losses? Wondering what went wrong despite your market analysis being spot on? It may not be a strategic issue then. It may just be that you chose the wrong lot size. Yes, a single oversized position can get your account exposed to far greater risks than you may imagine. You may be moved by the impressive profits with increasing lot sizes. But by doing so, you also invite a proportionate rise in losses. This is where you need to apply the essential 1% risk management principle. This rule helps you assess how much you can afford to lose if a trade does not go as planned.

This allegation representing fund loss worth $40,000 came from a verified Indian user on a trusted platform such as WikiFX. However, this is not the only allegation from users across India and other regions. Many verified users have complained about the loss of access to withdraw profits from the TRANS X MARKETS platform. At the same time, we came across complaints about the withdrawal issue from the free software provided by the brokerage firm. In this TRANS X MARKETS review, we have examined these allegations while also giving you the company’s regulatory background.

New to forex trading? Surprised by the margin call from your forex broker? In one moment, you seem to have manageable trades. The next moment, you receive a warning from your broker about inadequate equity to support your open positions. So, if the market movement continues to be on the opposite side of your positions, some or all of your trades may see an unfortunate automatic closure through a stop-out process. However, margin calls do not usually happen without warning. Recognizing the early signs can help traders take corrective measures and avoid a potentially significant loss in their trading accounts. But what are those signs that indicate that a margin call is all but near? Let’s discuss the same here.

User complaints regarding profit withdrawals have become an increasingly discussed issue among some Exfor traders, including those in South Asia. Trading profits never come easy; they come by spending hours understanding the fundamental and technical factors and their impact on different markets such as forex. However, what matters is whether you are able to receive them. For exfor clients, according to their complaints, this problem is worse! While they claim profits on the dashboard, the same do not reach their trading accounts, resulting in many negative exfor reviews. In this article, we have examined user allegations concerning several issues, including this common profit withdrawal problem.