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Hong Kong fines ICBC, UBS units, others US$5.7 million for anti-money laundering breaches
Aggregated Source: ChinaLegalBlog.com

HONG KONG : Hong Kong’s banking regulator has fined four banks, including local units of Industrial and Commercial Bank of China and UBS, a combined HKUS$44.2 million (US$5.67 million) for breaches of anti-money laundering rules.

The four banks had failed to carry out appropriate customer due diligence, the Hong Kong Monetary Authority said in a statement.…

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