Singapore | Tokyo | Westpac has been fined by Hong Kong’s financial regulator for breaching anti-money laundering and counterterrorism rules in the latest headache for the bank that is leading Australian financial institutions’ protracted retreat from Asia.
The Hong Kong Monetary Authority announced late last month it was fining Westpac 4 million Hong Kong dollars ($737,000) for delaying the periodic review of customers, including high-risk ones back in 2016 and 2017, despite the bank being aware of the delays.
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Emma Connors was South-east Asia correspondent from October 2019 until mid-2023, based in Jakarta and Singapore. She has previously edited Perspective and Opinion and has written extensively across the AFR and related titles. Connect with Emma on Twitter. Email Emma at emma.connors@nine.com.au
Michael Smith is the health editor for The Australian Financial Review. He is based in Sydney. Connect with Michael on Twitter. Email Michael at michael.smith@afr.com
