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NEWS: HKMA Hong Kong fines Cathay United Bank Company HK$11M (€1.4M) for AML breaches

By Alisha Houlihan for AMLi

The Hong Kong Monetary Authority (HKMA) fined the Cathay United Bank Company Limited, Hong Kong branch HK$11M (€1.4M) on September 23 for breaches under the country’s Anti-Money Laundering (AML) and Counter-Terrorist Financing Ordinance (AMLO) regulations. 

In a statement, the HKMA revealed the disciplinary action followed an “on-site examination” and further examination of CUBHK’s systems and controls for compliance with the AMLO. 

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