The Hong Kong Monetary Authority (HKMA) has fined Coutts Hong Kong HK$7 million after an investigation into the private bank’s activities uncovered five violations of anti-money laundering (AML) and counter-terrorist financing (CTF) regulations between April 2012 and June 2015. According to the regulator’s findings, Coutts Hong Kong failed to establish and maintain effective procedures for determining whether its customers or…
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