HKMA Takes Disciplinary Action Against 33 Financial Services due to AML Abuses

Hong Kong Monetary Authority(HKMA) has fined 33 Financial Services Limited (33FS) HK$875,000 ($113,000) for breaches of anti-money laundering rules.

The disciplinary came after the monetary authority (HKMA) concluded its investigation under the Payment Systems and Stored Value Facilities Ordinance (PSSVFO). The probe showed that 33FS had failed to carry out appropriate checks relating to anti-money laundering and counter-terrorist financing measures.

The identified deficiencies occurred between November 2016 and June 2019 and showed that the company lacked the minimum criterion of customer due diligence. A series of on-site examinations carried out by the HKMA also found that 33FS failed to have in place adequate systems of control to comply with the relevant laws.

The lapses in 33FS' systems related to "continuously monitoring business relationships in respect of transaction monitoring; and implementing an effective name screening mechanism," the Hong Kong Monetary Authority said in a statement.

Source: FinanceFeeds