Hong Kong Fines ICBC, UBS Units, Others $5.7 Million for Anti-Money Laundering Breaches

People walk past the China Construction Bank booth at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China, on Sept. 3, 2021. Florence Lo/Reuters

HONG KONG—Hong Kong’s banking regulator has fined four banks, including local units of Industrial and Commercial Bank of China and UBS, a combined HK$44.2 million ($5.67 million) for breaches of anti-money laundering rules.

The four banks had failed to carry out appropriate customer due diligence, the Hong Kong Monetary Authority said in a statement.