The HK Securities and Futures Commission suspended for six months Hui Lam Chiu, a former Guoyuan Securities Brokerage Limited responsible officer, for failing to adequately investigate transactions involving third party fund deposits and withdrawals. Previously SFC also fined Guoyuan  Securities HK $4.5 million (approximately US $590,000) for not identifying and conducting adequate due diligence to assess whether “a large number of frequent and unusual transfers” between the firms’ clients and third parties were suspicious transactions warranting follow-up. (Clickhere for background in the article “Another Broker Sanctioned by HK SFC for AML Violations Related to Money Transfers Between Clients and Third Parties” in the April 9, 2017 edition of Bridging the Week.) Unrelatedly, the Federal Reserve Board announced a $41 million penalty and cease and desist order against Deutsche Bank AG for alleged deficiencies in its anti-money laundering program. Also, the Monetary Authority of Singapore penalized  both Credit Suisse and United Overseas Bank for purported control lapses and deficiencies in their AML programs.