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SBI’s Hong Kong branch fined $1 mn for violating money laundering law

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SBI Hong Kong branch is fined by Hong Kong Monetary Authority (HKMA) .HKMA fined HK dollar 7.5 million(Rs 6.4 crore) SBI HK Branch for violating Anti-Money Laundering and financial Institutions  ordinance of Hong Kong(HK)

SBI Hong Kong branch is fined because it failed to carry out the Anti Money Laundering Ordinance rules before establishing business relationships with 28 corporate customers .HKMA said it also failed to perform a series of key anti money laundering checks ,monitoring exiating business relationships ,verifying whether its customers were politically exposed persons

ABOUT STATE BANK OF INDIA:

  • SBI Founded on 27th January 1921 as Imperial Bank of India and changed as State Bank of India on 1st July 1955 .Nationalized on 2ndJune 1956.
  • State Bank of India is an Indian multinational, Public Sector banking and financial services company. It is a government-owned corporation.
  •  Headquartered  in Mumbai,Maharastra.
  • SBI Chairperson is Arundhati Bhattacharya

ABOUT HONG KONG CENTRAL BANK:

  • The Hong Kong Monetary Authority (HKMA) is Hong Kong’s currency board and de facto central bank. It is a government authority founded on 1 April 1993 when the Office of the Exchange Fund and the Office of the Commissioner of Banking merged. The organisation reports directly to the Financial Secretary
  • It has head quarters in International Finance Centre,Finance street,Central.
  • It’s Chief Executive is Norman Chan.