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Shanghai Commercial Bank

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 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.

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