Coutts & Co Ltd seen in bribery

Private bank Coutts & Co Ltd have to pay a fine of HK$7 million (724,295 British Pounds) for violating licensing terms. A branch of Coutts & Co Ltd in Hong Kong is suspected of money laundering and aiding terrorism. As stated by Hong Kong Monetary Authority (HKMA), whilst completing audit of financial institutions, in the period from April 2012 to June 2015, found that Coutts & Co Ltd failed to establish and maintain processes linked to if its customers, or the beneficial owners were politically exposed persons.