HKMA AML Fines Target Three Banks for Compliance Gaps

The Hong Kong Monetary Authority (HKMA) has issued AML fines against Indian Overseas Bank (IOB), Bank of Communications (BCOM), and its Hong Kong unit for compliance failures.

IOB was fined HKD8.5m (USD1.1m) due to weaknesses in transaction monitoring and oversight. BCOM and its subsidiary were fined HKD3.7m and HKD4m, respectively, after omitting key transaction types from their joint monitoring systems, reducing their ability to detect suspicious activity.

The fines highlight HKMA’s commitment to strengthening anti-money laundering measures across Hong Kong’s banking sector.