The party involved Westpac Banking Corporation HK Branch.
The fact is that Westpac Banking Corporation, Hong Kong Branch (WBCHK) contravene the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong) (AMLO). This is because WBCHK delayed completing periodic reviews for some of its customers from 1 June 2016 to 31 May 2017. And it failed to implement adequate procedures for performing its duties under the AMLO regarding periodic reviews for its customers.
Therefore, after an investigation by HKMA, the company was a pecuniary penalty of HK$4,000,000.