DBS Bank fined HK$10m in Hong Kong for CDD and monitoring breaches

The Hong Kong subsidiary of Singapore-headquartered DBS Bank (DBSHK) must pay a HK$10 million (US$1,279,680) penalty after the Hong Kong Monetary Authority (HKMA) found it had contravened the Anti-Money Laundering and Counter Terrorist Financing Ordinance (AML) between 2012 and 2017.

The Hong Kong subsidiary of Singapore-headquartered DBS Bank (DBSHK) must pay a HK$10 million (US$1,279,680) penalty after the Hong Kong Monetary Authority (HKMA) found it had contravened the Anti-Money Laundering and Counter Terrorist Financing Ordinance (AML) between 2012 and 2017. [1]