Hong Kong fines DBS for breaching anti-money laundering rules – Notice Important Internet

HONG KONG/SINGAPORE (Reuters) — The Hong Kong organisation of DBS Group Holdings, Singapore’s large lender, was punished HK$10 meg ($1.28 million) by Hong Kong’s banking controller for violating anti-money laundering (AML) and counter-terrorist finance regulations.

The nonindulgent state comes after an enquiry conducted by the Hong Kong Monetary Authority (HKMA), which looked into curb failures of DBS Bank (Hong Kong) between Apr 2012 and Apr 2019, the controller said in a evidence on Friday.

The investigating by Hong Kong resembles that of competition riches edifice Singapore, which a assemblage past punished quaternary playing institutions over AML breaches, including DBS.

The slope unsuccessful to continuously guardian playing relationships and carry enhanced cod travail in broad venture situations. DBS was also institute to hit unsuccessful to ready records on whatever of its customers, according to the HKMA.

“The HKMA requires banks to locate in locate trenchant client cod travail measures to conflict money laundering and terrorist financing,” Raymond Chan, chief administrator of the HKMA said in the statement.

“DBS Hong Kong takes our AML obligations earnestly and accepts HKMA’s decision,” a DBS Hong Kong spokesman said in a evidence to Reuters.

The issues at assistance were spasmodic and arts in nature having occurred between Apr 2012 and Apr 2019, the spokesman said, adding that the slope has implemented newborn assemble policies over the eld to move to notice and control newborn money laundering practices.