Authorities found control deficiencies in DBS Hong Kong, notably its failure to continuously monitor business relationships and conduct enhanced due diligence in high-risk situations during various periods between April 2012 and April 2019, the HKMA said in a statement posted on its website.Notably, DBS failed to duly complete the trigger event review of a customer, which resulted in 23 customers’ documents, data, and information not being relevant or up to date for a prolonged period of time.
DBS also reportedly failed to obtain copies of the identity document of 609 IDEAL2 Authorizers– individuals authorized by the customer to approve transactions and considered a person purporting to act on behalf of the customer. These authorizers were registered by 477 corporate customers on or before 30 July 2017, and DBS reportedly did no identity verification on these authorizers from 1 April 2012 to 30 July 2017.
DBS Hong Kong also failed to maintain effective procedures for carrying out its duties under the AMLO in relation to the aforementioned control deficiencies during this period, according to Hong Kong authorities.Since you're here... ...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.
We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.