Hong Kong Monetary Authority Fines Coutts & Co AG
The Hong Kong Monetary Authority (HKMA) has fined Coutts & Co AG for breaching five provisions of the Anti-Money Laundering and Counter Terrorist Financing (Financial Institutions) Ordinance. It has also asked Coutts Hong Kong to pay a fine of 7 million HKD dollars.
“Coutts Hong Kong failed to follow anti money laundering rules between 2012 to 2015.”
The disciplinary action follows an investigation by the Hong Kong Monetary Authority which found that Coutts Hong Kong failed to follow anti money laundering rules between 2012 to 2015.
News Source: HKMA Press Release
About Coutts & Co
Coutts is a private bank and wealth manager founded in 1692. It is the seventh oldest bank in the world. Throughout the 20th century, Coutts opened more branches and significantly extended its regional footprint. In 1963, Coutts became the first British bank to use a fully computerised accounting system. In 1987, Coutts gained international representation by establishing its operations in Geneva. In October 1990, to strengthen their representation internationally, Coutts and NatWest merged their existing subsidiaries (which included Handelsbank) to create the Coutts Group. The acquisition of the NatWest Group in 2000 established Coutts as the private banking arm of The Royal Bank of Scotland.
- Origin: London, United Kingdom
- Employees: 2,000
Official Website: www.coutts.com
News & Media: Press Release
Updated on 8th August 2016