Hong Kong cracks down on AML

Author: | Published: 24 Aug 2017

Regulators worldwide have increased their oversight, making engaging in AML activities not worth the cost. Banks need to wise to the rules if they want to comply properly

Regulators globally have increased their scrutiny and oversight of anti-money laundering (AML) activities, which has often resulted in extremely heavy fines: HSBC had to pay close to $2 billion to US authorities for a 'blatant failure' to implement AML controls in 2012 while BNP Paribas' $9 billion settlement came after it was found to have violated sanctions against Sudan, Cuba and Iran. As such, protection against money laundering risks has become of paramount importance to international banks. Regulators have made the penalty so severe so as to deter financial institutions from engaging either intentionally or unintentionally in money laundering that the financial profit generated from such activities is, in most cases, not worth it....


 

 

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