Tag: Anti-Money Laundering and Counter-Terrorist Financing Ordinance

The HKMA investigated alleged control failures at DBS Bank between April 2012 and April 2019. The financial watchdog conducted an investigation under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong). The HKMA identified control discrepancies such as the inconsistent monitoring of business relationships, lapses in evaluating high-risk events,…