HSBC and Bank Pembangunan penalised in Malaysia for beneficial owner and sanctions compliance failings

HSBC Bank Malaysia Berhad, its wholly owned subsidiary HSBC Amanah Malaysia Berhad - both part of the HSBC banking group - and Bank Pembangunan Malaysia Berhad have been fined by Bank Negara Malaysia, variously, for non-compliance with rules around beneficial ownership of corporate customers and flaws in sanctions screening.

HSBC Bank Malaysia Berhad (HBMY), its wholly owned subsidiary HSBC Amanah Malaysia Berhad (HBMS) [1] - both part of the HSBC banking group - and Bank Pembangunan Malaysia Berhad (BPMB) [2] have been fined by Bank Negara Malaysia (BNM), variously, for non-compliance with rules around beneficial ownership of corporate customers and flaws in sanctions screening.