HONG KONG MONETARY AUTHORITY (HKMA) INVESTIGATION AND THE DISCIPLINARY PROCEEDINGS FOR CATHAY UNITED BANK COMPANY LIMITED, HONG KONG BRANCH (CUBHK)

On 23 September, a news release from HKMA advised that the investigation was under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), and has resulted in a fine of HK$11,000,000 against CUBHK for contraventions of the AMLO.  It is said that, between April 2012 and February 2016. CUBHK failed to establish and maintain effective procedures for carrying out its duties under the AMLO in relation to on-going CDD and EDD during this period.  In addition, CUBHK failed to take all reasonable measures to ensure that proper safeguards exist to prevent the contraventions and to mitigate money laundering or terrorist financing risks.

https://www.info.gov.hk/gia/general/202209/23/P2022092300282.htm

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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