The Hong Kong Monetary Authority has fined JP Morgan Chase Bank, N.A.’s Hong Kong branch HK$ 12.5 million for contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The fine is premised upon purported deficiencies in the bank’s AML procedures related to wire transfers, customer due diligence, and continuous monitoring of business relationships. Specifically, the HKMA criticized the bank’s procedures for (1) verifying the existence and identities of customers, (2) periodically reviewing a customer’s CDD information, and (3) handling wire transfers that do not include the originator’s name. The HKMA has required the bank to retain an independent external advisor to assess its remedial measures and the implementation of those measures. The disciplinary action follows an investigation by the HKMA into transactions dating between April 2012 and February 2014.
December 28, 2018
HKMA fines major multinational investment bank for AML violations
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