FCC Flash

On November 29, 2023, CA Indosuez (Switzerland) SA, Hong Kong Branch (CAHK), was fined US$448K by the Hong Kong Monetary Authority (HKMA) for contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).

To know more, click here https://www.fcctimes.com/2023/11/29/hkma-fines-ca-indosuez-hk3-5m-for-amlo-violations-highlights-importance-of-robust-controls/?utm_source=RZOLUTWebsite&utm_medium=FCCFlash04Dec

CA Indosuez Finanziaria SA provides wealth management services, including discretionary portfolio management, investment advisory, and order transmission.

Between February 11, 2016, and October 2, 2016, CAHK’s shortcomings were revealed following an HKMA investigation into their systems and controls in line with the AMLO. These issues encompassed an inability to consistently oversee client relationships and scrutinize transactions, along with ineffective procedures for the continuous monitoring of customer business relationships as stipulated by the AMLO.