Timothy Morano Dec 06, 2024 10:33 The Hong Kong Monetary Authority has fined China CITIC Bank International Limited HK$4 million for breaches of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The Hong Kong Monetary Authority (HKMA) has imposed a HK$4 million penalty on China CITIC Bank International Limited (CITIC) for violations of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), as reported by the Hong Kong Monetary Authority. This disciplinary action concludes a comprehensive investigation into CITIC’s compliance with the AMLO. Investigation Findings The investigation by the HKMA revealed significant deficiencies in CITIC’s systems and controls for compliance with the…
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