The Monetary Authority Takes Disciplinary Action Against CA Indosuez (Switzerland) SA, Hong Kong Branch for Contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance

enforcement

The HKMA has taken disciplinary action against CA Indosuez (Switzerland) SA, Hong Kong Branch (CAHK) for contravening the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. Following an investigation into CAHK’s systems and controls, the HKMA found lapses in continuously monitoring business relationships and maintaining effective procedures. As a result, CAHK has been fined HK$3,500,000. The disciplinary action aims to send a deterrent message about the importance of effective controls and procedures to address money laundering and terrorist financing risks. CAHK has cooperated with the investigation and has taken remedial actions to address the identified deficiencies.

Resource: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/11/20231129-4/

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