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SFC highlights “deficiencies” in KYC process

The Hong Kong Securities and Futures Commission (SFC) has found instances of “unsatisfactory” know-your-client (KYC) procedures at Hong Kong intermediaries. A circular sent to financial intermediaries on 12 May detailed breaches found during a recent supervisory review. These breeches included reliance on mobile phone videos when on-boarding clients, and lapses in investigating multiple clients using the same addresses. The circular…

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