The Securities and Futures Commission (SFC) has banned Mr. Kao Cheng Yung, a former responsible officer and managing director at CSC Futures (HK) Limited, from re-entering the industry for six months, effective from April 19, 2025, to October 18, 2025. This disciplinary action follows the SFC’s sanctions against CSC for failures in complying with anti-money laundering and counter-financing of terrorism (AML/CFT) regulations between January 2017 and December 2018, which were attributed to Kao’s inadequate oversight and management. The SFC’s investigation revealed that CSC did not perform necessary due diligence, failing to properly assess and manage risks associated with clients using customer supplied systems for trading. The SFC emphasized the seriousness of these failures, noting that they could undermine public confidence in the market and underscored the importance of effective AML/CFT systems. Despite the disciplinary action, Kao has an otherwise clean record.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=25PR53