Hong Kong Securities and Futures Commission bans former MTF Securities responsible officer Wong Lai Suen for six months over credit risk and suspicious trading monitoring failures

The Hong Kong Securities and Futures Commission (SFC) has prohibited Wong Lai Suen, a former responsible officer and executive director of MTF Securities Limited, from re-entering the industry for six months from 4 June 2025 to 3 December 2025 for failing to properly manage credit risks and to identify and report suspicious client trading patterns. The SFC found that after three cash clients opened accounts and deposited only HKD 10,000 each in January 2021, MTF granted them trading limits of HKD 4 million to HKD 5 million without receiving client applications, following a request from MTF’s substantial shareholder. The firm did not conduct proper due diligence on the clients’ financial status, and in one case the limit granted was ten times the client’s declared annual income. The clients then used the limits for transactions that were not commensurate with two of their financial situations and had features that should have raised reasonable suspicion of potential market misconduct and money laundering, but MTF did not identify, follow up or ensure timely reporting to the Joint Financial Intelligence Unit and the SFC. The SFC concluded MTF breached the Code of Conduct and other regulatory requirements on risk management and anti-money laundering and counter-financing of terrorism, and attributed the failures to Wong’s lack of proper discharge of her duties as an RO and senior management member.