Jan 3, 11:03 AM

City Solicitor Fined £27,500 Over AML Failings; Tse Yin Fung Fined HK$25,000 for Breaching Client Confidentiality in Property Fraud

A city solicitor has been fined £27,500 for failing to comply with anti-money laundering (AML) regulations. This penalty was issued following an investigation that revealed inadequate client due diligence related to a property development fraud, which resulted in directors misappropriating over £6.5 million of investors' funds. Additionally, another solicitor, Tse Yin Fung, pleaded guilty to breaching confidentiality by disclosing client information to two individuals regarding a restriction notice from the Securities and Futures Commission (SFC), resulting in a fine of HK$25,000. The Solicitors Regulation Authority (SRA) has also faced scrutiny, including a £184,000 cost award against it for improper prosecution and a £50,000 fine imposed on a lawyer for omissions during the Bar application process. Furthermore, the SRA is set to question probate lawyers who did not adequately reflect on their training.

#Tse Yin Fung #Securities and Futures Commission #SFC #Solicitors Regulation Authority #SRA #Bar

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City Solicitor Fined £27,500 Over AML Failings; Tse Yin Fung Fined HK$25,000 for Breaching Client Confidentiality in Property Fraud

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