Regulatory Alerts2015-05-13
Added · Updated
SFC Circular on Know Your Client and Account Opening Procedures
The Securities and Futures Commission issued this circular to address deficiencies in Know Your Client procedures identified during recent supervisory reviews of licensed corporations. Intermediaries are required to implement strict controls for the Certification Process, including prohibitions on using non-regulated affiliates and ensuring proper authentication of client identities. Additionally, firms must maintain accurate client information and actively investigate potential risks arising from unrelated clients sharing contact details or authorizing the same third party to trade.
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