A DBS Hong Kong spokesperson said the bank takes its anti-money laundering obligations “seriously” and accepts HKMA’s decision, calling the issues at hand “sporadic and historical in nature.” Over the years, the Hong Kong unit has implemented new group policies and its actions have improved its capabilities to detect and mitigate money laundering risks, the spokesperson added.
DBS Group Holdings Ltd.’s Hong Kong unit was fined HK$10 million ($1.73 million) by the city’s regulator for lapses in adhering to anti-money laundering and counter-terrorist financing regulations.
The disciplinary action follows an investigation by the Hong Kong Monetary Authority of DBS Hong Kong’s systems and controls for compliance, the regulator said in a statement. The lapses took place between April 2012 and April 2019.
