Disciplinary Actions

The three principal objectives of enforcement actions for money laundering / terrorist financing (ML/TF) are:

  • Deterring abuse of the banking and stored value facility (SVF) systems for such activities;
  • Driving changes; and
  • Reinforcing the importance of banks and SVF licensees in having AML/CFT systems that are commensurate with the risks presented.

The more serious the findings, the greater the need to use enforcement tools that have a stronger deterrent effect on both the authorized institution (AI) / SVF licensee concerned and the industry. Available enforcement tools for the HKMA include disciplinary measures on AIs and SVF licensees such as remedial orders, pecuniary penalty and public reprimand.

Last revision date : 18 December 2023