HKMA fines Shanghai Commercial Bank for anti-money laundering lapses

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August 17 2018

The Hong Kong Monetary Authority (HKMA) has fined Shanghai Commercial Bank Ltd HK$5 million ($636,967) and reprimanded it for breaching anti-money laundering and counter terrorist financing rules.

Hong Kong is exposed to medium to high level of money laundering risk, a report in April by the government of the major global financial center said.