Commerzbank in Hong Kong pays HK$6m for CDD and PEP screening failures

The Hong Kong branch of German lender Commerzbank must pay HK$6,000,000 (US$764,576) to the HK Monetary Authority (HKMA) for breaches of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) between 1 April 2012 and 30 June 2016.

The Hong Kong branch of German lender Commerzbank must pay HK$6,000,000 (US$764,576) to the HK Monetary Authority (HKMA) for breaches of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) between 1 April 2012 and 30 June 2016.