Hong Kong's Securities and Futures Commission fined Hang Seng Bank (HKG:0011) HK$66.4 million for "serious and systemic" violations in the sale of investment products, according to a Monday news release by the regulator.
The SFC said Hang Seng Bank overcharged clients and did not sufficiently disclose monetary benefits for its derivative products from February 2014 to May 2023.
The bank collected HK$22.4 million in excess charges from the transactions, the regulator said.
SFC's penalty stemmed from an investigation made by the Hong Kong Monetary Authority over the sale of collective investment schemes from June 2016 to November 2017, the regulator said.
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