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.
Permanent Secretary for Environment and Ecology (Environment) attends Environment Day cum Recycling Day Launching Ceremony
The Permanent Secretary for Environment and Ecology (Environment), Mr Eddie Cheung, today (June 7) officiated at the Environment Day cum Recycling Day Launching Ceremony. Officiating guests included the Deputy Director-General of the Department of Educational, Scientific and Technological Affairs of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region (SAR), Mr Ye Shuiqiu; the Level II Bureau Rank Official of Department of Ecology and Environment of Guangdong Province, Mr Wu Shuangxi; the Director of the Environmental Protection Bureau of the Macao SAR Government, Mr Ip Kuong-lam; and the Director of Environmental Protection, Dr Samuel Chui.
To echo the National Event on the Environment Day 2026 and to celebrate the 40th anniversary of the Environmental Protection Department (EPD), the EPD launched the Beautiful Hong Kong Green Fest starting from June 1 and organised the annual event Recycling Day, with a view to encouraging public participation in waste reduction at source and waste separation and recycling.
Speaking at the ceremony, Mr Cheung said that the current-term Government is implementing environmental protection policies in full steam, striving to achieve carbon neutrality, protecting biodiversity, and making Hong Kong a demonstration base for green technologies and a low-carbon and liveable city. On waste reduction and recycling, Hong Kong has already made substantial progress. The municipal solid waste disposal quantity has declined for four consecutive years since 2021, while the recycling rate continues to rise. He sincerely invites members of the public to actively participate in the Recycling Day activities, integrate waste reduction and recycling into daily lives, and work together towards the vision of "Zero Landfill".
The Recycling Day activities include the Environment Day cum Recycling Day Carnival held today, promotional activities at 12 GREEN@COMMUNITY Recycling Stations over the territory and in collaboration with over 200 Recycling Day co-operative partners in June, as well as a creative short film competition. The EPD also offered the Environment Day 2X GREEN$ Rewards from June 5 to today, where members of the public can earn double GREEN$ points when they recycle at the GREEN@COMMUNITY community recycling network. For details, please visit www.wastereduction.gov.hk/en-hk/RecyclingDay2026.
Permanent Secretary for Environment and Ecology (Environment) attends Environment Day cum Recycling Day Launching Ceremony Source: HKSAR Government Press Releases
Permanent Secretary for Environment and Ecology (Environment) attends Environment Day cum Recycling Day Launching Ceremony Source: HKSAR Government Press Releases
Permanent Secretary for Environment and Ecology (Environment) attends Environment Day cum Recycling Day Launching Ceremony Source: HKSAR Government Press Releases
Permanent Secretary for Environment and Ecology (Environment) attends Environment Day cum Recycling Day Launching Ceremony Source: HKSAR Government Press Releases
