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

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

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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