The Hong Kong Monetary Authority (HKMA) imposed a HK$4 million penalty on China CITIC Bank International Limited (CITIC) for breaches of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). An investigation revealed deficiencies in CITIC’s automated transaction monitoring system from November 2015 to July 2018, including incorrect implementation of detection rules and failure to document suspicious transaction reviews. The disciplinary action considered the seriousness of the violations, the need for industry deterrence, CITIC’s remedial actions, and its cooperative stance with no prior AMLO breaches. HKMA emphasized the critical role of robust transaction monitoring systems in combating financial crime.
Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/12/20241206-6/
