The Hong Kong Securities and Futures Commission reprimanded and fined EFG Bank AG HK$10.85 million for regulatory breaches and internal control deficiencies.

Techub News reports, according to an announcement on the website of the Hong Kong Securities and Futures Commission (SFC), the SFC has publicly reprimanded EFG Bank AG for regulatory breaches and internal control deficiencies, and imposed a fine of HK$10.85 million. The announcement states that the relevant breaches reflect significant shortcomings in its risk management and compliance controls, and a failure to adequately fulfill the regulatory responsibilities expected of a licensed institution.