Hong Kong

Enforcement

SFC Fines Brokerage for 2015 System Testing Incident

By Editors | 14/03/2023

I-Access Investors incorrectly used data from system testing as production data and inadvertently triggered 27 stop loss sell orders by 12 clients.

Market Infrastructure

HK to Amend Clearing Rules to Account for IBOR Reforms

By Editors | 13/03/2023

Mandatory clearing will be required for certain OTC transactions referencing ARRs rather than for those referencing IBORs that are being discontinued.

Enforcement

OFAC Cracks Down on Entities Helping Iran Evade Sanctions

By Editors | 10/03/2023

The sanctions target entities in China, Hong Kong, Singapore, Malaysia and elsewhere for helping Iran evade sanctions and supplying critical components for its drones.

Securities / Derivatives

SFC Fines City International Futures for AML Compliance Failures

By Editors | 10/03/2023

City International Futures is the 6th firm to be fined over the use of software that allows Mainland investors to trade without opening a local securities account in Hong Kong.

Enforcement

HK Issues Record Fine Against Unlicensed Money Service Business

By Editors | 09/03/2023

A Hong Kong money changer and two directors were fined for operating a money service business before their licence application was approved.

AML / KYC

HK Losses from Crypto Scams Exceeded $200m in 2022

By Editors | 08/03/2023

Financial losses from crypto-related scams accounted for more than half of the total value lost through technology crime last year, police say.

AML / KYC

HKMA Issues New AML/CFT Guidance for Private Banks

By Manesh Samtani | 08/03/2023

Guidance is offered to reduce the burden on legitimate private banking customers trying to use banking services in Hong Kong.

Securities / Derivatives

HKEX Identifies Compliance Deficiencies at Some Firms

By Editors | 07/03/2023

Participants should review their current practices and procedures, strengthen their controls, and take immediate actions to rectify any breaches or deficiencies.

Enforcement

SFC Bans Former Senior Manager of Citigroup Asia Unit for Misconduct

By Editors | 07/03/2023

Philip Shaw’s misconduct was “intentional, dishonest and contrary to a licensed person’s overarching duty to act in clients’ best interests,” the SFC said.