03 Jan

Your bank doesn’t have an effective AML system? JP Morgan Chase was just fined with $1.6 for having a not efficient AML practice

Your bank doesn’t have an effective AML system? JP Morgan Chase was just fined with $1.6 for having a not efficient AML practice

Carmen Chu, executive director (enforcement and AML) of the HKMA, says: “A bank must have procedures that are effective for the purpose of carrying out its duties under the AMLO [Anti-Money Laundering and Counter-Terrorist Financing Ordinance].

https://www.bankingtech.com/2019/01/jp-morgan-chase-fined-by-hong-kong-regulator-for-money-laundering-fails/

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