HKMA: DBSHK Fined $10M for Contraventions of Anti-money Laundering Ordinance

　　The Hong Kong Monetary Authority (HKMA) announced that it had completed an investigation and disciplinary proceedings for DBS Bank Hong Kong (DBSHK) under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong) (AMLO).

　　The HKMA has imposed a pecuniary penalty of $10 million against DBSHK for contraventions of the AMLO.

　　The disciplinary action follows an investigation by the HKMA on DBSHK's systems and controls for compliance with the AMLO.

　　The control deficiencies identified in the investigation relate to DBSHK's failure to continuously monitor business relationships and conduct enhanced due diligence in high risk situations during various periods between April 2012 and April 2019, as well as its failure to keep records in respect of some of the customers.

　　DBSHK also failed to maintain effective procedures for carrying out its duties under the AMLO in relation to the aforementioned control deficiencies during this period.