HONG KONG/SINGAPORE: The Hong Kong unit of DBS Group Holdings, Singapore’s biggest lender, was fined HK$ 10 million ( US$ 1.28 million ) by Hong Kong’s banking regulator for violating anti- money laundering ( AML) and counter- terrorist financing regulations.
The Hong Kong Monetary Authority ( HKMA ) conducted an investigation into control failures of DBS Bank ( Hong Kong ) between April 2012 and April 2019, the regulator said in a statement released on Friday ( July 5 ).
Hong Kong’s attention resembles that of Singapore’s foe success center, which fined four economic institutions for AML violations, including DBS, a year ago.
The bank neglected to maintain a continuous monitoring of business relationships and carry out improved due diligence in high-risk situations. According to the HKMA, some of the company’s clients were also found to have been omitted from keeping information.
According to Raymond Chan, senior director of the HKMA,” the HKMA mandates banks to implement effective buyer due devotion measures to combat money laundering and criminal financing.”
A DBS Hong Kong official said in a statement to Reuters that” DBS Hong Kong takes our AML obligations seriously and accepts HKMA’s determination.”
According to the spokesman, the issues at hand were occasional and traditional in nature, with events taking place between April 2012 and April 2019 and the bank has also implemented fresh group policies over the years to proceed identifying and managing novel money laundering practices.