LFDI SECRETARIES LIMITED (TC000104)

The Licensee has contravened:

1. Condition 1 of the licence imposed by the Registrar pursuant to section 53J of the AMLO, namely, the Licensee has failed to ensure that a new Compliance Officer or Money Laundering Reporting Officer (as the case may be) is appointed within 7 days where a vacancy occurs in the two posts.

2. Section 53W(1) of Part 5A of the AMLO, namely, the Licensee has failed to notify the Registrar of changes in its particulars within 1 month beginning on the date on which the changes take place.

3. Section 19(1) of Schedule 2 to the AMLO, namely, the Licensee has failed to establish and maintain effective procedures for determining whether a customer or a beneficial owner of a customer is a politically exposed person.

4. Section 23 of Schedule 2 to the AMLO, namely, the Licensee has failed to take all reasonable measures to ensure that proper safeguards exist to prevent a contravention of any requirement under Part 2 or 3 of Schedule 2; and to mitigate money laundering and terrorist financing risks.

Public reprimand and imposition of a pecuniary penalty of HK$25,000 (Decision Date: 6 May 2024)

Statement of Disciplinary Action