HK: The Monetary Authority reprimands and fines Coutts & Co AG, Hong Kong Branch

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April 11 2017

The Monetary Authority (MA):-
(a) has reprimanded Coutts & Co AG, Hong Kong Branch (also known as Coutts & Co Ltd, Hong Kong
Branch) (Coutts Hong Kong) for contravening five specified provisions of the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Chapter 615 of the Laws of Hong Kong) (AMLO); and
(b) has ordered Coutts Hong Kong to pay a pecuniary penalty of 7,000,000 Hong Kong Dollars.
The disciplinary action (Note 1) follows an investigation by the Hong Kong Monetary Authority (HKMA) which found that, between April 2012 and June 2015, Coutts Hong Kong contravened five specified provisions of the AMLO (Note 2).