Okay, so US$5m is not in the league of some of the significant fines that we have seen over the last few years for Anti-Money Laundering (AML) failings. However this highlights the fact that global regulators are not afraid to dip into the past and expose historic inadequate Know Your Customer (KYC) measures of those global institutions that operate in their jurisdiction. KYC and AML measures are becoming increasingly aligned across the financial globe. Regulated businesses therefore need to ensure that not only are their newly onboarded customers compliant but also that their oldest customers are regularly reviewed to comply with the changing landscape.
Hong Kong fines ICBC, UBS units, others US$5.7m for anti-money laundering breaches