正大國際金融控股有限公司因違反監管規定遭證監會譴責及罰款700萬元並暫時吊銷其負責人員的牌照Positive Apex International Financial Holdings Limited Censured and Fined HK$7M by SFC for Regulatory Breaches, with Responsible Officer's Licence Suspended

證券及期貨事務監察委員會（證監會）於2026年9月29日宣布，對正大國際金融控股有限公司（正大）作出譴責並處以罰款700萬元，同時暫時吊銷其負責人員鍾浩的牌照七個月，原因涉及未能遵從打擊洗錢及恐怖分子資金籌集規定及其他監管缺失，以下為要點總結及深度觀察。 On September 29, 2026, the Securities and Futures Commission (SFC) announced that it has censured and fined Positive Apex International Financial Holdings Limited (Positive Apex) HK$7 million, and suspended the licence of its responsible officer, Chung Ho, for seven months, due to failures in complying with anti-money laundering and counter-terrorist financing (AML/CFT) and other regulatory requirements. A summary of key points and observations follows. 一、 內容摘要 / 要点总结 (Summary of Key Highlights) 监管处分与违规背景 (Regulatory Sanctions & Background of Breaches) 香港證券及期貨事務監察委員會（證監會）對正大國際金融控股有限公司（正大）作出公開譴責並處以罰款700萬元，原因是該公司在2021年12月1日至2023年9月30日期間，沒有遵從打擊洗錢及恐怖分子資金籌集規定和其他監管規定。同時，證監會亦暫時吊銷正大的負責人員鍾浩的牌照七個月，由2026年9月28日起至2027年4月27日止。 The Securities and Futures Commission (SFC) has publicly censured and fined Positive Apex International Financial Holdings Limited HK$7 million for failing to comply with anti-money laundering and counter-terrorist financing (AML/CFT) regulations and other regulatory requirements between December 1, 2021, and September 30, 2023. Additionally, the SFC suspended the licence of Positive Apex's responsible officer, Chung Ho, for seven months from September 28, 2026, to April 27, 2027. 客户自设系统（OLS）管理严重失控 (Severe Lack of Control Over Client-Supplied Systems) 證監會調查發現，正大在有關期間未有對160名客戶用以就期貨交易發出指示的客戶自設系統（OLS）進行任何盡職審查或測試，未能妥善評估及管理相關的洗錢及其他風險。正大亦未有妥善監控客戶使用該等系統的情況，從而令自身暴露於無牌活動、洗錢、代名人帳戶安排及未經授權使用帳戶等不當行為風險之中。 The SFC's investigation revealed that Positive Apex failed to conduct any due diligence or testing on client-supplied systems (CSS) used by 160 clients to issue futures trading instructions, failing to properly assess and manage associated money laundering and other risks. Furthermore, Positive Apex failed to properly monitor clients' use of CSS, exposing itself to risks of unlicensed activities, money laundering, nominee account arrangements, and unauthorized account use. 可疑存款与交易模式偵測失效 (Failure to Detect Suspicious Deposits & Trading Patterns) 八個客戶帳戶內的存款金額和頻密程度與申報財政狀況不相稱，正大雖聲稱曾向客戶查詢但卻未能提供任何查詢紀錄，未能妥善處理洗錢風險。此外，正大未設立有效持續監察系統，未能偵測出該八個帳戶頻繁出現的大量可疑交易，其中包括同一客戶於同一秒內以同一價格就同一期貨合約發出買賣指示共176次。 Deposits in eight client accounts were disproportionate to the clients' declared financial standing, and although Positive Apex claimed to have made inquiries, it could not provide any records to prove it properly addressed the AML/CFT risks. Moreover, Positive Apex lacked an effective ongoing monitoring system to detect suspicious trading patterns, failing to identify 176 instances where the same client issued buy and sell orders for the exact same futures contract at the exact same price within the very same second across those eight accounts. 高级管理层失职与从重处罚考量 (Management Failures & Factors for Disciplinary Action) 證監會認為，正大的缺失歸因於負責人員鍾浩未能履行其作為負責人員及高級管理層的職責。在決定處分時，證監會考慮到正大未設立有效反洗黑錢制度損害市場廉潔，且在多宗同類市場違規警示後仍持續容許客戶使用未經審查的自設系統直至2025年8月方才停用，雖其在解決關注事項時表現合作且過往無紀律處分紀錄，仍須作出嚴厲紀律處分。 The SFC concluded that Positive Apex's failures were attributable to Chung Ho's failure to discharge his duties as a responsible officer and senior management member. In determining the penalties, the SFC considered that Positive Apex's failure to maintain adequate AML/CFT controls undermines market integrity, and that despite numerous warnings and prior enforcement actions against similar violations in the industry, Positive Apex continued to allow clients to use unchecked CSS until it ceased accepting new CSS applications and deactivated all existing CSS in August 2025. Mitigating factors included cooperation and a clean disciplinary record. 二、 觀察與解析 (Insights) “客户自设系统（OLS）”：期货经纪行的隐蔽合规黑洞 在本宗纪律行动中，正大未对多达160名客户的“客户自设系统（CSS/OLS）”进行任何尽职审查或测试，成为导致合规防线崩塌的核心破口。近年来，许多境外或中小型期货经纪商为了迎合高频交易或套利客户的需求，往往直接通过应用程序接口（API）将客户自行开发的交易软件接入经纪商系統。然而，若缺乏对这些外部系统的安全、合规与技术审查，极易沦为黑产资金、代名人帳戶甚至跨境洗钱的温床。此案再次敲响警钟：经纪行的技术便利绝不能以牺牲合规审查为代价。 "Client-Supplied Systems (CSS)": The Hidden Compliance Black Hole for Futures Brokers In this disciplinary action, Positive Apex's failure to conduct due diligence or testing on client-supplied systems (CSS) for up to 160 clients served as the core vulnerability causing its compliance defense to collapse. In recent years, many offshore or mid-sized futures brokerages, seeking to accommodate high-frequency or arbitrage clients, have directly connected client-developed trading software to brokerage systems via Application Programming Interfaces (APIs). However, lacking security, compliance, and technical scrutiny over these external systems easily turns them into breeding grounds for illicit funds, nominee accounts, and cross-border money laundering. This case sounds another alarm: technological convenience for brokers must never come at the expense of compliance screening. 从“形式合规”到“实质排查”：反洗钱监控的穿透式严打 正大在面对八个客戶帳戶存款金额与申报財政狀況明显不相称、且频繁出现“同一秒内同价同合约买卖高达176次”的可疑交易模式时，竟然完全未能侦测并妥善查询，暴露出其内部持续监察系统流于形式。同一秒钟内自买自卖或互相对倒的极端交易特征，往往涉嫌制造虚假交投、市场操纵或掩饰资金来源。证监会透過此案向市场传递出强烈的监管信号：合规部门不仅要备置纸面政策，更必须具备实时拦截与实质排查异常交易的行为分析能力。 From "Formal Compliance" to "Substantive Screening": Penetrative Crackdown on AML Monitoring Positive Apex completely failed to detect or properly investigate eight client accounts whose deposits were grossly disproportionate to declared financial status, alongside suspicious trading patterns such as "176 instances of buy and sell orders for the same contract at the same price within the same second". This exposed its internal ongoing monitoring systems as mere window dressing. Extreme trading characteristics like self-matching or cross trades within the exact same second are often indicative of creating false trading volume, market manipulation, or masking the source of funds. The SFC sends a strong regulatory message to the market through this case: compliance departments must not only have written policies in place but must also possess behavioral analytics capabilities to intercept and substantially screen anomalous transactions in real time. 压实高级管理层与负责人员（RO）的个人责任 证监会不仅向正大开出700万元罚单，更对负责人员兼核心职能主管鍾浩祭出长达七个月的牌照暂扣惩戒。这凸显了香港证监会近年来全面贯彻的“管理层问责”理念。在香港的监管框架下，负责人员（RO）及核心职能主管（Manager-in-Charge）对持牌法团的合规内部监控負有不容推卸的个人监督与管理责任。若机构出现系统性合规缺失，管理层绝不能以“不知情”或“人手不足”为由卸责，个人职业生涯与牌照资质同样将付出沉重代价。 Reinforcing Personal Accountability of Senior Management and Responsible Officers (ROs) The SFC not only imposed a HK$7 million fine on Positive Apex but also suspended the licence of responsible officer and core function head Chung Ho for seven months. This highlights the SFC's rigorous enforcement of "management accountability" in recent years. Under Hong Kong's regulatory framework, ROs and Managers-in-Charge bear unshakable personal supervisory responsibilities for a licensed corporation's internal compliance controls. When systemic compliance failures occur, management cannot evade responsibility by pleading ignorance or staff shortages, and will face heavy penalties affecting their personal careers and licence status. 监管容忍度的“零空间”：同类违规的行业敲打 值得注意的是，证监会在决定处分时特別指出，其曾在同一期間內就其他多宗持牌法团涉及客户自设系统（OLS）的类似违规行为採取了多次執法行動（如遠大、中輝、南華等期貨公司），且多次公开提醒行业此类缺失不可接受。然而，正大在此背景下依然长期容许违规系统运作，直至2025年8月才全面停用。这种屡劝不改、抱有侥幸心理的合规怠惰，直接导致了监管机构从重处罚。这向整个香港金融中介行业发出严厉警告：监管机构对重复发生的同类系统性漏洞采取“零容忍”态度。 Zero Tolerance for Repeat Infractions: Industry-Wide Warnings on Similar Breaches Notably, the SFC highlighted when determining penalties that it had taken enforcement actions against multiple other licensed corporations for similar CSS-related violations during the same period (such as Grand International Futures, Chung Hui, Nanhua, etc.) and repeatedly warned the industry that such deficiencies are unacceptable. Yet, Positive Apex continued to allow non-compliant systems to operate until it finally deactivated them in August 2025. Such complacency and failure to heed repeated warnings directly invited heavier disciplinary penalties. This serves as a severe warning to the entire Hong Kong financial intermediary sector that regulators maintain a zero-tolerance stance toward recurring systemic loopholes. 原文链接 (Source) https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=26PR158 免责声明 / Disclaimer 本文仅作为一般概述，旨在提供信息参考，并基于有关证监会通函的公开资料编写。它不构成任何法律、监管、合规或专业建议。读者不应依赖本概述来代替审阅完整的官方通函及相关文件，亦不应代替寻求合格专业人士的独立意见。文中所载资料可能并不完整或并非最新，且监管要求可能会发生变化。对于基于本文内容所采取的任何行动或引起的任何遗漏，概不承担任何法律责任。持牌实体应直接咨询证监会或其自身的法律/合规顾问以获取具体指引。This article is a general summary prepared for informational purposes only and is based on publicly available information regarding the SFC circulars. It does not constitute legal, regulatory, compliance, or professional advice. Readers should not rely on this summary as a substitute for reviewing the full official circulars and associated documents or obtaining independent advice from qualified professionals. The information may not be complete or up to date, and regulatory requirements can change. No liability is accepted for any actions taken or omissions based on this content. Licensed entities should consult the SFC directly or their own legal/compliance advisors for specific guidance.