In a statement issued by the HKMA on July 6, DBS stated that it did not routinely monitor business relationships or assess high-risk situations during various periods from April 2012 to April 2019, and did not maintain records relating to some of its clients.
The DBS logo outside an office in Singapore on January 5, 2016.
The HKMA stated that the penalty took into account the seriousness of the findings in the investigation, as well as DBS's corrective actions to address the deficiencies and improve its controls.
A spokesperson for DBS stated that the bank accepts the HKMA's decision and will strictly adhere to its anti-money laundering obligations. The bank also said it has implemented a new policy to further detect and manage new money laundering methods.
Source: https://thanhnien.vn/dbs-bi-phat-128-trieu-usd-after-money-laundering-investigation-185240706213708274.htm
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