JP Morgan Chase fined by Hong Kong regulator for money laundering fails


January 2 2019

JP Morgan Chase has been hit by a HKD 12.5 million ($1.6 million) fine from the Hong Kong Monetary Authority (HKMA) for anti-money laundering (AML) and counter-terrorist financing (CTF) lapses.

According to the HKMA, the bank failed to establish and maintain effective procedures for identifying and handling wire transfers.