HONG KONG (Reuters] – Hong Kong’s Banking regulator has fined four banks including the local units of Industrial and Commercial Bank of China and UBS HK$44.2million ($5.67m) each for breaking anti-money-laundering rules.

In a statement, the Hong Kong Monetary Authority stated that four of these banks did not conduct appropriate customer due diligence.

ICBC Asia was assessed a fine of HK$20.7million. UBS HK was penalized HK$9 Million. China Construction Bank OTC: (Asia), was penalized HK$8.5million. CTBC Bank Hong Kong was penalized $6 million.

Carmen Chu (Director, Enforcement and AML), HKMA stated that banks should refer to the following case examples in order to assess data quality and effectiveness of their respective transaction monitoring systems.

“The four identified shortcomings in these cases were discovered in an era when the industry’s understanding and experience was less mature. Since then significant progress has been made in the industry, which includes the banks involved.”

UBS refused to comment. ICBC Asia, CCB Asia, and CTBC were not immediately reachable for comment after normal business hours.

($1 = 7.7922 Hong Kong dollars)