By Urszula McCormack and Matthew Howlett king & Wood Mallesons’ Hong Kong Office.
The 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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