Mumbai: Hong Kong Monetary Authority (HKMA) on Tuesday has fined the Hong Kong unit of Indian Overseas Bank HK$8,500,000 as penalty for failing to comply with regulations covering money laundering and counterterrorist financing.
It ordered the bank to conduct a review of its past transactions and implement measures to address contraventions and its compliance shortcomings. HKMA stated that the disciplinary actions follow investigations into bank’s systems and controls for compliance with the anti-money laundering and counter-terrorist financing ordinance (AMLO). “The control deficiencies identified related to failures to establish and maintain effective procedures for continuously monitoring business relationships with customers,” HKMA stated.
