The banking regulator announced on Friday that following facts of inflation under the anti-money laundering law, the Central Bank of Hong Kong (HKMA) imposed a fine of HK10 million dollars (about 1.3 million dollars) on the local branch from DBS Bank Singapore

The Central Bank of Hong Kong announced in a statement that DBS Bank Singapore did not “continuously monitor business relationships and did not demonstrate increased due diligence (detailed account review procedure, editor's note) in high-risk situations” over a period of seven years. According to HKMA Executive Director Raymond Chan, banks are required to “put in place effective customer due diligence measures to combat money laundering and terrorist financing” and these measures should be regularly reviewed