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NEWS: Singapore’s DBS Bank fined $1.3 million by Hong Kong regulator after 7 years of AML failings

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FILE PHOTO: People use DBS automated teller machines (ATMs) in Singapore March 31, 2022. REUTERS/Caroline Chia/File Photo

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REPORT: Small UK lenders spending five times as much on compliance as larger rivals

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NEWS: FinCEN estimates beneficial ownership reporting will cost U.S firms $200m per year

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NEWS: Malta’s FIU has ‘no power’ to pursue criminal AML probes; hampered by court decisions, says chief

By Paul O’Donoghue

Singaporean multinational bank DBS has been hit with HK$10m ($1.3m) in penalties for repeated AML failings spanning the course of seven years.

The Hong Kong Monetary Authority (HKMA) said it was imposing the charge after finding a variety of deficiencies at DBS Hong Kong.

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Premium

REPORT: Small UK lenders spending five times as much on compliance as larger rivals

 Premium

NEWS: FinCEN estimates beneficial ownership reporting will cost U.S firms $200m per year

 Premium

NEWS: Malta’s FIU has ‘no power’ to pursue criminal AML probes; hampered by court decisions, says chief

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