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HK fines DBS Bank $1.3M for money laundering breaches

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HONG KONG ― The Hong Kong Monetary Authority (HKMA) fined the local arm of Singapore's DBS Bank HK$10 million ($1.3 million) for breaches of its anti-money laundering law, the banking regulator said on Friday.

HONG KONG ― The Hong Kong Monetary Authority fined the local arm of Singapore's DBS Bank HK$10 million for breaches of its anti-money laundering law, the banking regulator said on Friday.The HKMA said the bank failed to 'continuously monitor business relationships and conduct enhanced due diligence in high risk situations' over a seven-year period.

Parent group DBS, Southeast Asia's largest bank, was among lenders caught up in a billion-dollar money laundering scandal in Singapore last year.Banks are required to 'put in place effective customer due diligence measures to combat money laundering and terrorist financing,' and those measures should be regularly reviewed, said Raymond Chan, an executive director at HKMA.

 

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