HKMA takes action against 3 banks over money laundering, counterterrorism rules

HKMA takes action against 3 banks over money laundering, counterterrorism rules

Deficiencies identified linked to banks’ failures to establish and maintain effective procedures for monitoring relationships with customers.

Hong Kong penalises three banks for anti-money laundering

The Hong Kong Monetary Authority (HKMA) has concluded investigations and subsequent disciplinary measures against three banks for violations of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). The banks involved are Indian Overseas Bank, Hong Kong Branch (IOBHK), Bank of Communications (Hong Kong) Limited (BCOM(HK)), and Bank of Communications Co., Ltd., Hong Kong Branch (BCOM Hong Kong Branch). The disciplinary action…

HKMA Slaps Penalties on Three Banks for AML Failures

Hong Kong's banking regulator has taken disciplinary action against three lenders over deficient anti-money laundering controls. The Hong Kong Monetary Authority (HKMA) has taken disciplinary action against Indian Overseas Bank (IOB), Bank of Communications (BCOM) and BCOM’s Hong Kong subsidiary for deficient anti-money laundering and counter-terrorist financing (AML/CFT) controls, according to a statement. For IOB, there were significant defici…