The Securities and Futures Commission (SFC), the financial regulator of Hong Kong, has reprimanded and fined HSBC $2.1m for non-compliance with the telephone recording requirements under its code of conduct. The disciplinary action arose from HSBC's failures to set up or enable voice recording of some of the telephone lines in its private banking division between 8 April 2017 and 31 January 2018, during which 5,830 client order instructions received through 59 affected telephone lines were not tape-recorded. The SFC considered that HSBC has failed to put in place effective intern...
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