Hong Kong

AML / KYC

HKMA Warns of Deposit Scams Being Used by Fraudsters

By Editors | 30/08/2022

Fraudsters claiming to be financial advisors are soliciting deposits in unknown foreign banks by promising high deposit rates.

Enforcement

HKMA Fines Commerzbank for CDD & PEP Screening Failures

By Editors | 29/08/2022

The HKMA found control lapses in onboarding due diligence as well as ineffective procedures for determining whether beneficial owners were PEPs.

Enforcement

SFC Probes AMTD Over Past Underwriting Deals – Reports

By Editors | 22/08/2022

The full scope of the probe into AMTD Group and its current status are “unclear”, but it is said to be related to previous underwriting deals.

Securities / Derivatives

Hong Kong Tracker Fund to Add RMB Trading Counter

By Editors | 22/08/2022

The RMB counter will trade only in the secondary market, starting from 19 September, when Hang Seng Investment Management takes over as manager.

Market Infrastructure

HKEX to Drive Growth Through New Products, Listing Reforms

By Editors | 18/08/2022

HKEX reported its lowest interim profit since 2017, attributed mostly to investment losses and lower fees from securities trading and IPOs.

Securities / Derivatives

Fund Managers Relocating Staff Away from Hong Kong: HKIFA

By Editors | 18/08/2022

A survey of 36 fund managers found that almost 70 percent are finding it difficult to hire non-local and non-mainland staff to work in Hong Kong due to Covid restrictions.

Enforcement

Hong Kong FRC Probes Evergrande, PwC Over Loan Guarantees

By Editors | 16/08/2022

The FRC is concerned about deposits held by Evergrande’s property services unit that were pledged as security for third parties to obtain bank loans.

Enforcement

HK Exchange Censures Ping An Securities, Two Former Directors

By Editors | 16/08/2022

The two former executive directors of Ping An Securities caused losses to the company through unapproved loans and asset disposals.

Market Infrastructure

SFC, CSRC Agree to Align Trading Calendars for Stock Connect

By Sanday Chongo Kabange | 15/08/2022

Northbound and southbound Stock Connect trading will be possible on all trading days when both the Hong Kong and Mainland China markets are open.