{"id":8535,"date":"2024-12-09T17:22:51","date_gmt":"2024-12-09T09:22:51","guid":{"rendered":"https:\/\/mpl.hk\/?p=8535"},"modified":"2024-12-09T17:22:51","modified_gmt":"2024-12-09T09:22:51","slug":"hkma-fines-citic-bank-for-aml-violations","status":"publish","type":"post","link":"https:\/\/mpl.hk\/hkma-fines-citic-bank-for-aml-violations\/","title":{"rendered":"HKMA Fines CITIC Bank For AML Violations"},"content":{"rendered":"<p><strong>Hong Kong\u2019s banking regulator fined a local unit of CITIC over violations of anti-money laundering rules.<\/strong><\/p>\n<p>The Hong Kong Monetary Authority (HKMA) has imposed a penalty of HK$4 million ($510,000) against China CITIC Bank International for contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), according to a\u00a0<a href=\"https:\/\/www.hkma.gov.hk\/eng\/news-and-media\/press-releases\/2024\/12\/20241206-6\/\" target=\"_blank\" rel=\"noopener\">statement<\/a>.<\/p>\n<p>Based on investigations, CITIC failed to generate system alerts on suspicious transactions between November 2015 and July 2018 due to \u00abincorrect implementation of detection rules and core model rules in its automated transaction monitoring system\u00bb. It also failed to examine the background and purpose of the transactions of some customers during this period.<\/p>\n<p>\u00abThe integrity and robustness of a transaction monitoring system is vital in the ongoing fight against financial crime. It is important for banks to ensure that their transaction monitoring system is properly configured and operates effectively,\u00bb said\u00a0<strong>Raymond Chan<\/strong>, HKMA executive director (enforcement and AML).<\/p>\n<p>Sources:\u00a0<a href=\"https:\/\/www.finews.asia\/finance\/42460-hong-kong-monetary-authority-hkma-citic-anti-money-laundering-regulations\" target=\"_blank\" rel=\"noopener\">finews<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hong Kong\u2019 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":8526,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[384],"tags":[],"class_list":["post-8535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-service-operators-industrial-news"],"acf":[],"lang":"en","translations":{"en":8535,"zh":8525},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts\/8535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/comments?post=8535"}],"version-history":[{"count":2,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts\/8535\/revisions"}],"predecessor-version":[{"id":8538,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts\/8535\/revisions\/8538"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/media\/8526"}],"wp:attachment":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/media?parent=8535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/categories?post=8535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/tags?post=8535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}