HKMA fines Coutts HK$7m for breaching money laundering rules
12 Apr 2017

Hong Kong Monetary Authority has imposed a HK$7 million (US$900,000) fine on Coutts & Co AG’s Hong Kong branch and reprimanded it for failing to follow anti-money laundering rules between 2012 to 2015, the authority said on Tuesday.

An HKMA investigation found Coutts has breached five provisions of the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance.

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