COUTTS FINED BY HONG KONG CENTRAL BANK OVER POLITICALLY EXPOSED PERSON CONTROL LAPSES
April 1st, 2017
THE HONG Kong Monetary Authority (HKMA) – the special administrative region’s central bank – has fined commercial bank Coutts & Co’s Hong Kong branch Hong Kong dollars HKD7 million (USD900,700) for breaching HK anti-money laundering (AML) and terror finance laws. The HKMA concluded following an inquiry that the private bank had breached five rules of Hong Kong Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO) between 2012 and 2015. Specifically, the central bank has ruled that Coutts HK had failed to ...
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