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.
Guangdong-Hong Kong-Macao Greater Bay Area Development Office stages roving exhibition at universities to showcase Greater Bay Area opportunities
The Guangdong-Hong Kong-Macao Greater Bay Area Development Office under the Constitutional and Mainland Affairs Bureau is staging a Guangdong-Hong Kong-Macao Greater Bay Area (GBA) roving exhibition from today (January 12) until late March on the campuses of eight universities and at the Civic Education Resource Centre of Youth Square. The aim of the exhibition is to introduce to university students and young people the significant opportunities that GBA development presents for the youth of Hong Kong.
A spokesman for the Office said thatthe Hong Kong Special Administrative Region (HKSAR) Government proactively aligns with the 15th Five-Year Plan, deeply engages in the development of the GBA, and better integrates into and serves the overall national development. The Government of the HKSAR attaches great importance to youth development and has continued to introduce a number of policy measures in various areas to support Hong Kong young people in grasping opportunities for internships, employment and entrepreneurship in the GBA, and encourage them to realise their aspirations on a bigger stage.
This year's roving exhibition kicked off today at Youth Square, the Chinese University of Hong Kong, Hong Kong Baptist University and the Education University of Hong Kong. The exhibition offers rich information including the introduction of policy measures in different areas of the GBA, support programmes and facilitation arrangements for Hong Kong young people, various on-the-ground support services provided by the Guangdong-Hong Kong-Macao Greater Bay Area Development Promotion Centre as well as diversified channels for obtaining the latest practical information about the GBA, to help young people seize the numerous opportunities in the GBA.
The roving exhibition has received venue support from the eight universities and the Civic Education Resource Centre of Youth Square. Details on the exhibition are as follows:
Exhibition period |
Location |
January 12 - March 20, 2026 |
Civic Education Resource Centre, 7/F, Youth Square# |
January 12 - 18, 2026 |
Benjamin Franklin Centre, the Chinese University of Hong Kong* |
January 12- 23, 2026 |
Au Shue Hung Memorial Library, Shaw Campus, Hong Kong Baptist University |
January 12 - 23, 2026 |
Central Facilities Building, Tai Po Campus of the Education University of Hong Kong* |
January 19 - 30, 2026 |
Atrium, the Hong Kong University of Science and Technology |
January 30 - February 10, 2026 |
4/F, Yeung Kin Man Academic Building, City University of Hong Kong* |
March 5 - 12, 2026 |
Kin Sun Square, Lingnan University |
March 9 - 20, 2026 |
Centennial Campus, the University of Hong Kong* |
March 9 - 20, 2026 |
FG Wing Podium, the Hong Kong Polytechnic University* |
# Open from 9am to 6pm (closed on public holidays).
* Valid staff card, student card or registration is required for entry to the campus. Please refer to the specific regulations of each campus.
Source: AI-found images
