The financial watchdog’s investigation stemmed from a self-report from the bank as well as a referral of findings from the Hong Kong Monetary Authority.
The Securities and Futures Commission (SFC) has penalised Zurich-headquartered EFG Bank AG HK$10.85m (US$1.41m) for failures relating to product due diligence, record-keeping and late reporting between January 2015 and December 2020. The financial watchdog’s investigation stemmed from a self-report from the bank The financial watchdog’s investigation stemmed from a self-report from the bank as well as a referral of findings from the Hong Kong Monetary Authority (HKMA), whic