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SFC stops activities of IDS Forex HK over money laundering suspicions

Hong Kong's Securities and Futures Commission (SFC) published a notice that it restricts the licensed activities of the local forex broker IDS Forex HK. The company has no right to dispose of or deal with any assets held by it or held on behalf of its clients, and assist, counsel or procure another person to dispose of or deal with any such property, without the written consent of the regulator. 

 
The reason for this harsh decision is the fact that the company sole shareholder, Kim Sunghun, a Korean citizen, has been convicted of illegal fund-raising and fraud in Korea and was sentenced to 12 years imprisonment on 3 February 2017. He was found guilty of soliciting investors since 2011 to invest in his business outside Korea, including in his margin forex business. 
 
The SFC suspects Kim was using IDS Forex HK as a front for money laundering his ill-gotten gains. Besides, the regulator notes, it seems the broker has not conducted any business in the past three years. 
 
“The SFC has serious doubts about IDS’s reputation and character as well as its fitness and properness to remain licensed, and has commenced an investigation in light of the above information”, the regulator said. 
 
Those who are insisting on dealing with Hong Kong-regulated forex brokers, please follow this link.
 
TAGS: sfc  hong kong  ids forex hk 
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