By Urszula McCormack and Matthew Howlett king & Wood Mallesons’ Hong Kong Office.
T
he Money Authority of Singapore’s recent announcement that it intends to withdraw BSI Bank Limited’s licence highlights the potentially severe consequences for banks breaching their AML obligations – and a trend beyond mere financial penalties. It also highlights the ever-increasing risks for individuals.
This article summarises the key facts and provides four important takeaways for financial institutions operating in Hong Kong.
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