The SFC imposed a fine of $4.8 mln

SFC reprimanded and fined South China Commodities Limited. The fine amounted to almost 5 million US dollars. The company did not comply with the requirements for combating money laundering and terrorist financing. The SFC conducted an investigation and proved that SCCL did not check the systems properly. The SFC also stated that the company could not provide effective monitoring and exclude illicit actions. So transactions were recorded on several client accounts.

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