Violations of the Money Laundering Regulations German Commercial Bank of China Hong Kong Branch was fined 6 million Hong Kong dollars

Zhongxin Jingwei, August 26. The Hong Kong Financial Management Bureau announced on the 26th that it has completed the investigation and disciplinary sanction of the COMMMERZBANK AG (German Commercial Bank) Hong Kong branch in accordance with the "Regulations on Campaign of Money Laundering and Terrorist Fund" (Chapter 615 of Hong Kong Laws) The procedure is fined for HK $ 6 million.

The Hong Kong Financial Management Bureau said that the investigation found that the German commercial bank's Hong Kong branch violated the facts:

From April 1st, 2012 to June 30, 2016, the provisions of the four "Regulations on Money Laundering" were violated. Application of due diligence measures or all customers, the delay of the implementation of relevant measures ranges from two to 46 months; failed to set up and maintain effective procedures to determine whether a customer's benefit owner is politicians; Failure to comply with the relevant requirements in the "Guidelines for Money Laundering and Terrorist Funding" and the Hong Kong HKMA.

Zhu Lidao, Assistant President of the Hong Kong HKMA, said that performing due diligence at the time of account opening is the first line of defense and basic requirements for cracking down on money laundering and terrorist funds to maintain the stability of the Hong Kong banking system. Banks should refer to the relevant guidelines and notices of the Hong Kong Monetary Administration, continue to review and improve their performance of cracking down on money laundering and terrorist funds, and ensure that their policies and procedures are effective.

According to the data, the German commercial bank was founded in 1870 and is one of the three major German banks. It is headquartered in Frankfurt. It is one of the ingredients companies of the German stock index DAX. , Bank investment business. (Zhongxin Jingwei APP)

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