Banco Delta Asia (Portuguese: Banco Delta Ásia S.A.R.L.) Is A Bank In Macau, Now A Subsidiary Of Delta Asia Financial Group, Owned By Stanley Au, One Of The First Candidates For The Chief Executive Of Macau. The Company Has Operations In Both Hong Kong And Macau, Mainly Focusing On Investment Banking, Commercial Banking And Insurance Services.
History Banco Delta Asia Was Formerly Founded By Stanley Au's Father, Au Wing Ngok, In 1935 As Hang Seng Money Exchange Macau (later Renamed Hang Seng Bank Macau). In 1962, Stanley Au Expanded His Business To Hong Kong And Established Delta Asia Limited To Operate London Gold Business, Becoming One Of The First Major Gold Dealers In Asia. The Company Has Since Been Upgraded To Operate As A Non-commercial Bank, Operating Deposit And Letter Of Credit Business. In 1980, Delta Asia Group Took Over Hang Seng Bank Macau. On December 28, 1993, Delta Asia Group Officially Changed Its Name To Delta Asia Financial Group, And Its Subsidiary Hang Seng Bank Macau Was Also Renamed Banco Delta Asia. It Is Now Headquartered At 39-41 Shui Hang Mei Street, Central District (at The Junction With Secretary Peter Street). The Administrative Center Is Located In Front Of Gangding.
North Korean Accounts And Runaway Incident On September 15, 2005, The US Treasury Accused Banco Delta Asia Of Assisting North Korean Customers In Money Laundering, Assisting In The Circulation Of Counterfeit Banknotes, And Other Terrorist Activities. It Advised The US Company To Cut Off Any Contact With The Bank. Banco Delta Asia In Macau Saw A Run On Its Accounts. In Just Two Days, 300 Million Patacas Were Withdrawn, Accounting For One-tenth Of Banco Delta Asia's Total Deposits. However, The Bank Said It Had Enough Cash To Pay For It. Banco Delta Asia Has Been Trading With North Korea Since The 1970s, But Denied The US Accusation That It Has Always Had A Regulatory Mechanism To Prevent Money Laundering. The Next Morning, The Macao Special Administrative Region Government Issued A Statement Expressing Its Deep Concern About The Incident And Setting Up A Task Force To Investigate. In The Evening, The Chief Executive Of The Macao Special Administrative Region, Ho Houhua, Cited "serious Irregularities In Customer Withdrawals At Banco Delta Asia" As The Reason. Citing The Legal Regime Of The Financial System, He Appointed The General Manager Of Banco Nacional Ultramarino Macau Branch, So Yulong, And The Deputy Director Of The Internal Audit Office Of The Macao Monetary Authority, Li Zhancheng, To Participate In The Management Of Banco Delta Asia To Strengthen Public Confidence In The Financial System. HKMA, Citing The Banking Ordinance That Came Into Effect In 1995 For The First Time, Announced The Appointment Of Paul Brough, A Partner Of KPMG, As The Manager To Take Over The Services In Hong Kong And Separate The Assets From The Parent Company.
According To The BBC Quoted In The New China Australian News On February 18, 2006, The Lawyer Representing Banco Delta Asia Said On February 16, 2006 That The Bank Has Suspended All Business Transactions With North Korea And Improved Its Anti-money Laundering Policy. Banco Delta Asia Also Urged The US Authorities To Stop The Investigation Into The Bank's Suspected Money Laundering For The North Korean Regime. On March 15, 2007, The US Treasury Announced That It Would Cut Off Banco Delta Asia's Connection With The US Financial System Within 30 Days After Confirming That It Was Money Laundering For North Korea. The Macao SAR Government Subsequently Issued A Press Release Stating That "it Will Continue To Take Over Banco Delta Asia. No Matter What Happens, The SAR Government Will Take Necessary Measures To Protect The Interests Of Depositors And Maintain The Stability Of The Financial System ".
On 28 September 2007, At The End Of The Two-year Management Period, The Macao SAR Government Decided To Return The Management Of Banco Delta Asia To The Original Shareholders.
On 25 October 2008, The HKMA (HKMA) Announced On The Same Day (Friday) That The Monetary Authority, After Consulting The Financial Secretary, Had Exercised His Power Under Section 53F (1) Of The Banking Ordinance (" The Ordinance ") To Revoke The Appointment Of Mr. Paul Jeremy Brough Of KPMG As The Manager Of Delta Asia Credit Limited. Delta Asia Credit Limited Is A Deposit-taking Company Recognized In Hong Kong Under The Ordinance And A Subsidiary Of Banco Delta Asia. The Revocation Of The Manager's Appointment Took Effect On The Same Day.
Sanctions Lifted On August 11, 2020, The US Treasury Financial Crimes Prevention Agency Announced The Unconditional Lifting Of 15-year-old Sanctions On The Bank And The Resumption Of US Dollar Clearing Business.
