Hong Kong Monetary Authority (HKMA) has penalized Indian Overseas Bank’s Hong Kong unit with HK$8,500,000 for AML/CFT regulation violations. The bank failed to maintain effective procedures for continuous monitoring of customer relationships. HKMA has directed the bank to review past transactions and implement corrective measures to address compliance shortcomings.
Originally published by The Economic Times https://economictimes.indiatimes.com/markets