Reported by AFP – Agence France Presse

The Hong Kong Monetary Authority fined the local arm of Singapore’s DBS Bank HK$10 million ($1.3 million) for breaches of its anti-money laundering law, the banking regulator said on Friday.

The HKMA said the bank failed to “continuously monitor business relationships and conduct enhanced due diligence in high risk situations” over a seven-year period.

The “control deficiencies” found during a HKMA investigation also included failure to keep records for some of its customers stipulated by the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, the regulator said in a statement.

Banks are required to “put in place effective customer due diligence measures to combat money laundering and terrorist fiancing” and those measures should be regularly reviewed, said Raymond Chan, an executive director at HKMA.

Read full report: https://www.barrons.com/amp/news/hong-kong-fines-dbs-bank-1-3-mn-for-money-laundering-breaches-18138b01