HONG KONG ― The Hong Kong Monetary Authority (HKMA) fined the local arm of Singapore’s DBS Bank HK$10 million ($1.3 million) for breaches of its anti-money laundering law, the banking regulator said on Friday.
The HKMA said the bank failed to “continuously monitor business relationships and conduct enhanced due diligence in high risk situations” over a seven-year period.
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