HKMA Reprimands JPM HK for Violating AML Ordinance with Penalty $12.5M

2018-12-28

The Hong Kong Monetary Authority (HKMA) announced to reprimand JPMorgan Hong Kong in respect of its contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), thus ordering the bank to pay a pecuniary penalty of HK$12.5 million.

According to the notice, the bank failed to establish and maintain effective procedures for identifying and handling wire transfers that did not comply with the AMLO; and for the purpose of carrying out its duties under the AMLO concerning customer due diligence and continuous monitoring of business relationships respectively.

Source: aastocks