The Hong Kong Monetary Authority (HKMA) has fined Fubon Bank (Hong Kong) Ltd. HK$4 million for failing to comply with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). The penalty follows the bank’s self-reporting of deficiencies in its transaction monitoring system, which the HKMA found had failed to effectively track customer relationships and transactions from April 2019 to July 2022. Issues included inadequate procedures for managing system changes, monitoring alerts, and reviewing transaction scope. The HKMA considered FBHK’s cooperation and corrective actions in deciding the penalty, emphasizing the importance of robust monitoring systems to prevent money laundering and terrorist financing.
Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/11/20241108-5/
