Regulatory Alerts2018-04-27
Added · Updated
Guideline on Exercising Power to Impose Pecuniary Penalty under s 23(1) of the AMLO
The Hong Kong Monetary Authority issued this guideline to specify how it exercises its power to impose pecuniary penalties on authorized institutions and SVF licensees for contravening the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The document outlines that penalties aim to deter specific and general non-compliance, with amounts determined by considering the seriousness of the contravention, post-incident conduct, and the entity's disciplinary history. Key assessment factors include the intent and impact of the breach, the degree of cooperation with regulators, and whether the fine would cause financial jeopardy to the penalized entity.
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