Shanghai Commercial Bank

Shanghai Commercial Bank was established in Hong Kong in 1950. It is a locally incorporated bank and a member of the Bank of East Asia Group, offering retail banking, commercial banking, and wealth management services.

Headquartered in Hong Kong, serving local and cross-border clients.

Product categories. Deposits · Loans · Foreign Exchange · Credit Cards · Wealth Management

• 2018

  HKMA reprimands and fines Shanghai Commercial Bank HK$5 million for anti-money laundering violations

  A Hong Kong Monetary Authority investigation found that between 2012 and 2017 Shanghai Commercial Bank failed to continuously monitor business relationships with 33 customers, failed to review and record in writing the background of transactions with abnormal amounts or patterns and no obvious economic purpose, and failed to conduct due diligence on suspicious transactions of some “former customers,” violating the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. It was publicly reprimanded, fined HK$5 million, and required to submit an assessment report by an independent external adviser.

  Source

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1. 1HKMA reprimands and fines Shanghai Commercial Bank HK$5 million for anti-money laundering violationshkma.gov.hk
2. 2HKMA reprimands and fines Shanghai Commercial Bank HK$5 million for anti-money laundering violationsm.zhitongcaijing.com