Regulatory Alerts2015-05-13
Added · Updated
SFC Circular on Know Your Client and Account Opening Procedures
The Banking Conduct Department draws registered institutions' attention to an SFC circular highlighting deficiencies in know-your-client procedures identified during recent supervisory reviews. The SFC mandates that client certification processes must be conducted physically by employees or specified professionals, strongly discouraging the use of unregulated affiliates for this purpose. Additionally, intermediaries are required to actively investigate and monitor accounts where unrelated clients authorize the same third party to place orders.
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