The Hong Kong Monetary Authority (HKMA) has taken disciplinary action against TNG (Asia) Limited for violating the Payment Systems and Stored Value Facilities Ordinance (PSSVFO). TNG has been reprimanded and ordered to pay a pecuniary penalty of HK$1,575,000 for contravening section 8Q of the PSSVFO. The disciplinary action follows an investigation that revealed TNG’s failure to have adequate and appropriate control systems for compliance with anti-money laundering and counter-terrorist financing measures, as well as prudential and risk management criteria. TNG also did not comply with guidelines on transaction monitoring, governance arrangements, and internal control systems. The HKMA considered the seriousness of the findings, the need for a deterrent message, remedial measures taken by TNG, and the company’s cooperative approach in resolving concerns. TNG has no previous disciplinary record.
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}