Hong Kong had brought into force an Anti- Money-Laundering Ordinance in 2012 and unfortunately State Bank of India (SBI)'s Hong Kong branch becomes its first victim. It is learnt that SBI Hong Kong failed to perform a series of key anti money-laundering checks during the period from April 2012 to November 2013. As a consequence, the Hong Kong central bank on Friday has fined SBI’s Hong Kong branch HK$7.5 million ($1 million) for breaching the city's anti-money-laundering and counter terrorism financing rules. This is the first time that the Hong Kong Monetary Authority (HKMA) has taken disciplinary action under the ordinance against any institute operating in the city. The reaction of the SBI authority is still unavailable.