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Hong Kong
Market Infrastructure
HK AFRC to Start Inspections of Mainland Auditors of HK-Listed Entities
By Sanday Chongo Kabange | 22/12/2023
Under a partnership with Chinese authorities, the AFRC will start to inspect engagements involving audit working papers located on the Mainland.
Enforcement
ICAC Secures Guilty Pleas from Ex-StanChart Bankers Who Defrauded Investors
By Sanday Chongo Kabange | 21/12/2023
Two former Standard Chartered relationship managers pleaded guilty to conspiracy to defraud. Three other defendants will stand trial in July 2024.
HKMA Issues Guidance for Banks on Digital Marketing
By Sanday Chongo Kabange | 21/12/2023
Banks are asked to review their digital marketing activities for general banking products to ensure consumer protections are in place.
Enforcement
HK SFC Issues Warning About More Suspicious VATPs
By Sanday Chongo Kabange | 21/12/2023
The SFC said the police have blocked the two platforms in Hong Kong over suspected fraudulent activities related to virtual assets.
Market Infrastructure
Hong Kong to Revive Immigration Scheme for Investors
By Nithya Subramanian | 21/12/2023
The minimum investment stands at HK$30mn and includes a mandatory financial commitment to bolster local technology and innovation.
Capital / Liquidity
HKMA Addresses Rumours that Banks are Calling in Loans
By Mark Johnston | 21/12/2023
Rumours have emerged that banks are demanding early repayments from borrowers whose collateral values have fallen. The HKMA says this is not the case.
Sanctions
OFAC Sanctions Hong Kong, UAE Firms for Russian Oil Trades
By Editors | 20/12/2023
US aims to strengthen G7 oil price cap sanctions with asset freeze on Russian state-owned ship manager and Hong Kong and UAE companies found trading Russian oil above the cap.
Market Infrastructure
SFC Reminds Market of Coming Changes to Position Limit Regime
By Mark Johnston | 20/12/2023
The SFC has published an FAQ and updated its guidance note to help market participants understand the amendments, which come into force on Friday.
AML / KYC
HK ICAC Charges Two in Bribery Case Involving ICBC Unit
By Editors | 20/12/2023
A shipping consultancy director bribed a former executive of ICBC Financial Leasing to secure a consultancy contract for an iron ore shipping project.
Big Picture
FSB Reports Decline in Shadow Banking Assets
By Nithya Subramanian | 20/12/2023
The NBFI sector recorded a 2.9 per cent fall in financial assets in the sector, attributed to higher interest rates.
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