Some banks in Hong Kong may have failed to meet the city’s anti-money laundering requirements and could potentially face multimillion-dollar fines, Hong Kong Monetary Authority deputy chief executive Arthur Yuen Kwok-hang said on Wednesday.
“The authority is investigating some banks over their deficiencies in adhering to the high standards set out in the anti-money laundering law introduced in 2012,” Yuen told reporters at an informal gathering. “We are still in the process of investigating and collecting evidence. We would first need to conclude our investigation before deciding if any penalty action would need to be taken.”
Yuen declined to name the banks or say how many of them are under investigation. “What I can say is there is more than one,” he said.
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