The Hong Kong Monetary Authority (HKMA) has concluded its investigation and disciplinary proceedings against CA Indosuez (Switzerland) SA, Hong Kong Branch (CAHK) under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). CAHK has been fined HK$3,500,000 for contraventions of the AMLO. The investigation revealed control lapses in CAHK’s monitoring of business relationships and transactions for some customers between February 11, 2016, and October 2, 2016. CAHK failed to maintain effective procedures for continuous monitoring during this period. The disciplinary action emphasizes the importance of robust controls to address money laundering and terrorist financing risks. CAHK, which has no prior disciplinary record in relation to the AMLO, cooperated during the investigation and has taken remedial actions to address identified deficiencies. Ms Carmen Chu, Executive Director (Enforcement and AML) of the HKMA, stressed the accountability of banks for compliance with AMLO, even when control functions are outsourced.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}