HONG KONG/SINGAPORE — The Hong Kong unit of DBS Group Holdings, Singapore's biggest lender, was fined HK$10 million (S$1.73 million) by Hong Kong's banking regulator for violating anti-money laundering (AML) and counter-terrorist financing regulations.
A DBS logo on their office building in Singapore, Feb 22, 2016.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 scrutiny by Hong Kong resembles that of rival wealth centre Singapore, which a year ago fined four financial institutions over AML breaches, including DBS. "The HKMA requires banks to put in place effective customer due diligence measures to combat money laundering and terrorist financing," Raymond Chan, executive director of the HKMA said in the statement.
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