HKMA fines Commerzbank for anti-money laundering lapses

hkma

The Hong Kong Monetary Authority slapped a HK$6 million (US$765,000) fine on the local branch of Commerzbank for breaches of anti-money laundering laws

The disciplinary action came after Hong Kong’s de facto central bank had completed an investigation into the bank, the HKMA said in a statement on August 26.

The probe showed that between April 2012 and June 2016, Commerzbank had failed to carry out required checks on 17 customers before establishing business relationships with them. Delays of

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