HONG KONG/SINGAPORE: The Hong Kong unit of DBS Group Holdings, Singapore's biggest lender, was fined HK$10 million by Hong Kong's banking regulator for violating anti-money laundering and counter-terrorist financing regulations.
The bank failed to continuously monitor business relationships and conduct enhanced due diligence in high risk situations. DBS was also found to have failed to keep records on some of its customers, according to the HKMA. "DBS Hong Kong takes our AML obligations seriously and accepts HKMA's decision," a DBS Hong Kong spokesman said in a statement to Reuters.
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