SFC bans Wong Lai Suen for six months

On June 4, 2025, the Securities and Futures Commission ("SFC") prohibited Ms Wong Lai Suen, a former responsible officer ("RO") and executive director of MTF Securities Limited ("MTF"), from re-entering the industry from June 4, 2025, to December 3, 2025. This prohibition stemmed from her failure to properly manage credit risks and to identify and report suspicious trading patterns of clients. The SFC investigation revealed that Wong granted substantial trading limits of $4 million to $5 million to three clients who each deposited only $10,000 in January 2021, despite no application being received from them. This action was requested by MTF’s substantial shareholder without adequate due diligence, resulting in transactions that were disproportionate to the clients’ financial situations and exhibited suspicious features.

MTF's failure to identify and follow up on these suspicious activities, or to report them to the Joint Financial Intelligence Unit and the SFC in a timely manner, was attributed to Wong's inability to discharge her duties as an RO and senior management member. Wong acknowledged her shortcomings in the assessment of suspicious transactions during the investigation. The SFC determined that MTF lacked effective policies and procedures for managing credit risks and an effective ongoing monitoring system for identifying and reporting suspicious trading patterns.

In imposing this disciplinary measure, the SFC considered the severity of MTF's failures, the necessity of a deterrent message, Wong's clean disciplinary record, and her willingness to admit her shortcomings. The SFC emphasized the importance of senior management exercising independent judgment and conducting proper due diligence, rather than blindly following shareholders’ orders. Moreover, ROs and senior management are obligated to ensure effective policies and controls are in place to prevent the firm from being used for market misconduct or money laundering.

Wong was accredited to MTF and approved to act as its RO for Type 1 (dealing in securities) regulated activity from November 2, 2016, to April 20, 2021. She also served as the manager-in-charge of various areas at different intervals. MTF was licensed to carry on Type 1 (dealing in securities) regulated activity until June 14, 2023. A trading limit was defined as the gross accumulated unsettled amount granted to, and expected to be settled by, an individual client on two trading days after the date of the transaction.