The Pak Banker - - COMPANIES/BOSS -

The Hong Kong Mon­e­tary Au­thor­ity (HKMA) has fined the lo­cal branch of State Bank of In­dia (SBI) for con­tra­ven­ing spec­i­fied pro­vi­sions in its An­ti­Money Laun­der­ing and Coun­terT­er­ror­ist Fi­nanc­ing (Fi­nan­cial In­sti­tu­tions) Or­di­nance.

A penalty of HK$ 7.5 mil­lion ($970,000) has been im­posed on the bank, HKMA said in an or­der posted on its web­site on Fri­day.

The ac­tion fol­lows an HKMA in­ves­ti­ga­tion, be­tween April 2012 and Novem­ber 2013, to as­cer­tain whether SBI's Hong Kong branch had proper in­ter­nal con­trols in its an­ti­money laun­der­ing and coun­tert­er­ror­ist fi­nanc­ing sys­tems to com­ply with the lo­cal law.

The or­der said that SBI branch did not carry out cus­tomer due dili­gence mea­sures as spec­i­fied by the laws of Hong Kong be­fore es­tab­lish­ing busi­ness re­la­tion­ships with 28 cor­po­rate cus­tomers.

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