The Hong Kong Monetary Authority (HKMA) has fined Coutts’ local unit HKD7m ($900,698) and reprimanded it for violating anti-money laundering and counter-terrorist financing regulations.
The move follows a probe conducted by the financial regulator that revealed breach of five provisions of the rules by Coutts Hong Kong between April 2012 and June 2015.
HKMA alleged that the private banking firm failed to implement adequate procedures for determining whether its customers or the beneficial owners of its customers were politically exposed persons (PEPs).
Read the original article here: privatebankerinternational.com
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