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Hong Kong
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.
Enforcement
SFC Fines Brokerage for Breaching Financial Resources Rules
By Mark Johnston | 19/12/2023
Central Wealth Securities Investment made various accounting and calculation errors in its financial returns and had a liquid capital deficit for eight months.
AML / KYC
HKMA Fines SVF Licensee TNG for AML Compliance Failures
By Sanday Chongo Kabange | 19/12/2023
The HKMA said TNG had no audit trail from MLRO reviews and did not take appropriate steps to assess whether STRs should be filed.
Market Infrastructure
HKMA Proposes Updated Guidance to Address Banking Sector Talent Gaps
By Manesh Samtani | 19/12/2023
The revised guidance includes new expectations on manpower planning and staff training to ensure banks can fill their talent gaps.
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