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Hong Kong regulator fines EFG Bank more than $1.3m for multiple failures

The SFC said the penalty is due to failures relating to product due diligence, recordkeeping, and late reporting.

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Hameed Shuja

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EFG Bank is headquartered in Switzerland but operates in multiple jurisdictions across the world. Photo: Anthony Kwan/Getty Images
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Hong Kong’s Securities and Futures Commission (SFC) has imposed a penalty of HK$10.85m ($1.39m) on EFG Bank, which is headquartered in Zurich, for multiple failures around product due diligence, recordkeeping, and late reporting.

The violations took place over a period of six years between January 2015 and December 2020, the

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