The Hong Kong Securities Regulatory Commission condemned EFG Bank of Switzerland Limited and fined HK$10.85 million due to the company's lack of product due diligence, record keeping and delayed reporting between January 2015 and December 2020. In terms of product due diligence, when evaluating 322 bonds, EFG Switzerland did not take into account the unique characteristics of different products, nor did it update its internal policies in a timely manner to reflect regulatory changes. EFG Switzerland also did not ensure that sufficient information and warning statements are provided to customers regarding the distribution of certain complex products at or before each transaction. As for record keeping and delayed reporting, Swiss EFG did not immediately report to the Hong Kong Securities Regulatory Commission when it first suspected that product due diligence review was lacking in 141 bond storage products.

The Hong Kong Securities Regulatory Commission condemned EFG Bank of Switzerland Limited and fined HK$10.85 million due to the company's lack of product due diligence, record keeping and delayed reporting between January 2015 and December 2020. In terms of product due diligence, when evaluating 322 bonds, EFG Switzerland did not take into account the unique characteristics of different products, nor did it update its internal policies in a timely manner to reflect regulatory changes. EFG Switzerland also did not ensure that sufficient information and warning statements are provided to customers regarding the distribution of certain complex products at or before each transaction. As for record keeping and delayed reporting, Swiss EFG did not immediately report to the Hong Kong Securities Regulatory Commission when it first suspected that product due diligence review was lacking in 141 bond storage products.