The Hong Kong Monetary Authority (HKMA) has fined the local arm of Singapore’s DBS Bank HK$10 million (approx. S$1.7 million) for repeated failures in anti-money laundering (AML) and counter-terrorist financing (CTF) over seven years.
According to Citywire Asia, between April 1, 2012 and Apr 30, 2019, DBS Hong Kong (DBSHK) breached four key AML rules. One major issue was the bank’s online corporate banking service, Ideal.
Source: TRADE FINANCE
