HONG KONG (Reuters) -Hong Kong's Security Regulator (SFC) said on Monday that it had reprimanded Swiss bank UBS AG and fined it HK$8 million ($1.03 million) for misclassifying its clients'
UBS Fined $1 Million by Hong Kong Regulator for Client Misclassification
UBS's Regulatory Challenges in Hong Kong
HONG KONG (Reuters) -Hong Kong's Security Regulator (SFC) said on Monday that it had reprimanded Swiss bank UBS AG and fined it HK$8 million ($1.03 million) for misclassifying its clients' professional investor status for more than 12 years.
Details of the Fine
A total of 560 joint accounts booked or managed in Hong Kong by the bank were misclassified, the regulator said.
Previous Regulatory Actions
In August 2021, the SFC reprimanded and fined UBS HK$9.8 million for various regulatory breaches, including failures of a similar nature, according to SFC.
Increased Scrutiny on Banks
UBS declined to comment.
The Hong Kong securities watchdog has since August stepped up scrutiny over banks' regulatory breaches, dishing out fines of HK$4.2 million to HSBC and HK$23.8 million to Deutsche Bank, respectively.
($1 = 7.7675 Hong Kong dollars)
(Reporting by Farah Master and Selena Li in Hong Kong and the Beijing newsroom; Editing by Toby Chopra and Louise Heavens)
