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DBS' HK unit fined $1.7m over anti-money laundering lapses
The Straits Times
|July 08, 2024
Hong Kong authorities identify failure by unit to conduct enhanced due diligence in high-risk situations
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DBS Group Holdings' Hong Kong unit was fined HK$10 million ($1.73 million) by Hong Kong's regulator for lapses in adhering to anti-money laundering and counter-terrorist financing regulations.
The disciplinary action follows an investigation by the Hong Kong Monetary Authority (HKMA) of DBS Hong Kong's systems and controls for compliance, the regulator said in a statement.
The lapses took place during periods between April 2012 and April 2019.
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