Monetary Authority takes disciplinary action against Fubon Bank (Hong Kong) Limited for contravention of Anti-Money Laundering and Counter-Terrorist Financing Ordinance
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (November 8) that it had completed an investigation and related disciplinary proceedings in relation to Fubon Bank (Hong Kong) Limited (FBHK) under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong) (AMLO). The Monetary Authority (MA) has imposed a pecuniary penalty of HK$4,000,000 against FBHK for contravention of the AMLO.
The disciplinary action (Note) follows FBHK’s self-report of transaction monitoring failures and the HKMA’s investigation into FBHK’s systems and controls for compliance with the AMLO. The HKMA found that, between April 2019 and July 2022, FBHK failed to establish and maintain effective procedures for continuously monitoring business relationships with customers. Specifically, FBHK failed to have in place effective procedures for managing system changes, following up on a substantial decrease in transaction alerts, and regularly reviewing the scope of transactions covered by its transaction monitoring system. FBHK also failed to conduct appropriate scrutiny of transactions carried out for customers, and update customer due diligence reviews upon trigger events.
In deciding the disciplinary action, the MA has taken into account all relevant circumstances andfactors, including:
the seriousness of the investigation findings;
the need to send a clear deterrent message to FBHK and the industry about the importance of having effective procedures to address money laundering and terrorist financing risks;
FBHK reported its transaction monitoring failures to the HKMA.It was co-operative during the investigation and enforcement proceedings;
FBHK has carried out remediation to address the identified transaction monitoring failures and the associated control deficiencies; and
FBHK has no previous disciplinary record.
The Executive Director (Enforcement and AML) of the HKMA, Mr Raymond Chan, said, "The AMLO requires banks to put in place effective procedures for continuous monitoring of their business relationships with customers so that potential money laundering and terrorist financing activities are detected early. When changes are introduced to existing monitoring systems, bank management should ensure that the scope of surveillance covers all relevant transactions and any identified deficiencies are followed up promptly."
Note: The disciplinary action is taken under section 21 of the AMLO. The AMLO imposes customer due diligence and record-keeping requirements on specified financial institutions, including Authorized Institutions, and designated non-financial businesses and professions. The MA is the relevant authority with respect to Authorized Institutions under the AMLO.
AFCD Animal Management and Animal Welfare Building Complex opens
The Agriculture, Fisheries and Conservation Department (AFCD) held the opening ceremony of the Animal Management and Animal Welfare Building Complex in Kai Tak today (November 21). The Secretary for Environment and Ecology, Mr Tse Chin-wan; the Permanent Secretary for Environment and Ecology (Food), Ms Irene Young; the Director of Agriculture, Fisheries and Conservation, Mr Mickey Lai; and the Director of Architectural Services, Mr Michael Li, officiated at the ceremony.
Speaking at the opening ceremony, Mr Tse noted that the Complex provides about 270 animal-keeping facilities to receive stray animals or animals surrendered by their owners, more than double the number of the former To Kwa Wan site. Also, more animal quarantine facilities will be provided to shorten the waiting time for people booking quarantine facilities for imported animals. With the Complex commencing operation, the AFCD will further enhance its effectiveness in protecting and promoting animal welfare, controlling local animal diseases, safeguarding public health and implementing animal management measures.
Mr Tse added, "The AFCD has reached a consensus with the Macao Special Administrative Region on the quarantine arrangements of imported cats and dogs. Starting from December 1, the quarantine period of cats and dogs imported from Macao will be reduced from current 120 days to 30 days, provided that they meet the requirements for rabies vaccination and rabies antibody titre testing, etc. Together with shortening the 15-month waiting period for quarantine facilities, the time required for quarantine arrangements will be significantly shortened. The new measures uphold the Government's principles of stringently controlling rabies, while using technology to address public demands. The AFCD will announce details on November 26. I look forward to gradually extending the new arrangements to other regions in Group III, further helping pet owners to bring their cats and dogs to Hong Kong."
The Animal Management and Animal Welfare Building Complex has been designed with sustainable development as its goal, incorporating multiple green features. The Kowloon Animal Management Centre at the Complex was first commissioned in late July to provide dog vaccination and licensing services to the public, while divisions responsible for animal welfare and animal disease testing will also gradually relocate to the Complex.
In addition, the AFCD will regularly organise animal welfare talks and public education activities at the Complex to promote animal welfare to the public. For details, please visit www.pets.gov.hk.
AFCD Animal Management and Animal Welfare Building Complex opens Source: HKSAR Government Press Releases
AFCD Animal Management and Animal Welfare Building Complex opens Source: HKSAR Government Press Releases
AFCD Animal Management and Animal Welfare Building Complex opens Source: HKSAR Government Press Releases
AFCD Animal Management and Animal Welfare Building Complex opens Source: HKSAR Government Press Releases
AFCD Animal Management and Animal Welfare Building Complex opens Source: HKSAR Government Press Releases
AFCD Animal Management and Animal Welfare Building Complex opens Source: HKSAR Government Press Releases
AFCD Animal Management and Animal Welfare Building Complex opens Source: HKSAR Government Press Releases
