Hong Kong fines ICBC, UBS units, others $5.7 mln for anti-money laundering breaches

CTBC Financial Holding Co

19/11/2021 12:51

HONG KONG, Nov 19 (Reuters) - Hong Kong's banking regulator
has fined four banks, including local units of Industrial and
Commercial Bank of China  601398.SS  and UBS  UBSG.S , a
combined HK$44.2 million ($5.67 million) for breaches of
anti-money laundering rules. 
    The four banks had failed to carry out appropriate customer
due diligence, the Hong Kong Monetary Authority said in a
statement. 
    ICBC (Asia) was fined  HK$20.7 million. UBS HK was fined
HK$9 million. China Construction Bank (Asia) was fined HK$8.5
million. CTBC Bank Hong Kong was fined $6 million. 
    "Banks should make reference to these case examples to
review data quality and respective transaction monitoring system
effectiveness," said Carmen Chu, the HKMA's executive director
(Enforcement and AML). 
    "The identified deficiencies in the four cases occurred in a
period ... when industry understanding and experience were less
mature, and since then, significant progress has been made by
the industry, including the banks concerned." 
    UBS declined to comment, ICBC Asia, CCB Asia and CTBC could
not be immediately reached for comment outside normal business
hours. 
    
    

($1 = 7.7922 Hong Kong dollars)

 (Reporting by Alun John. Editing by Jane Merriman)
 ((alun.john@thomsonreuters.com;))