MONEY LAUNDERING
Hong Kong fines Coutts bank for violating terrorist rules
The private bank failed to set up and maintain procedures targeting politically exposed customers
Hong Kong — The Hong Kong Monetary Authority said on Tuesday it had ordered the local branch of private bank Coutts to pay a fine of HK$7m ($900,800) for breaching anti-money-laundering and counterterrorism rules. The authority said the move followed an investigation that found Coutts had failed to set up and maintain procedures for determining between April 2012 and June 2015 if "its customers or the beneficial owners of its customers were politically exposed persons". "Politically exposed persons" (PEPs) refers to people with a prominent public function whom regulators view as presenting a higher risk for potential involvement in bribery and corruption due to their position and the influence hold.
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