Cathay United Bank pays Hong Kong$11m for CDD and risk management failures

The Hong Kong branch of Cathay United Bank Limited (CUBHK) has been fined HK$11,000,000 (US$1,401,300) by the Hong Kong Monetary Authority (HKMA) after an onsite inspection and further investigation discovered rule breaches around customer due diligence (CDD) and risk management between April 2012 and February 2016.

The Hong Kong branch of Cathay United Bank Limited (CUBHK) has been fined HK$11,000,000 (US$1,401,300) by the Hong Kong Monetary Authority (HKMA) after an onsite inspection and further investigation discovered rule breaches around customer due diligence (CDD) and risk management between April 2012 and February 2016.