HKMA fines Shanghai Commercial Bank for Anti-Money Laundering Contraventions

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The Hong Kong Monetary Authority (HKMA) has fined Shanghai Commercial Bank (SCOM) for contravening the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) by “failing to establish and maintain effective procedures for the purpose of carrying out its duty to continuously monitor business relationships”, according to a Hong Kong government press release.

SCOM has been ordered to pay a pecuniary penalty of HKD5,000,000, and to submit to the HKMA a report prepared by an independent external advisor assessing whether the remedial measures implemented by SCOM are sufficient to address the contraventions.

SCOM issued a press release stating full co-operation with the HKMA, its enhancement of appropriate measures, its intent on commissioning an independent external consultant to access the matter, its review and enhance of internal policies and procedures, and the fact that the incident has had no impact on the services provided to its customers. For more in-depth information on this topic, please read the following article from Reuters.

Business and compliance enthusiast, problem solver, road warrior, police ID check magnet, and half geek whose exploits have taken him around the United States, United Kingdom, Caribbean, India, deep into Southeast Asia and West Africa. Entered the anti-money laundering and high risk field to help develop understanding, contribute research, improve standards, prevent profiteering at the expensive of SMEs, and to protect interests of the average person.
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