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Market Infrastructure
ASIC, SFC Offer Guidance on FX Practices Following Joint Review
By Manesh Samtani | 27/01/2022
Financial groups should promote a strong risk culture, put in place appropriate supervision and surveillance, and ensure fairness and transparency in trade execution.
AML / KYC
HK ICAC Charges Three Ex-StanChart Employees For Fraud
By Editors | 27/01/2022
The former relationship managers were among five individuals indicted for conspiring to deceive Japanese investors with false documents.
AML / KYC
Faster Transactions Impeding Scam Loss Recoveries: HK Police
By Sanday Chongo Kabange | 27/01/2022
Online banking, electronic payment services and cryptocurrency wallets have made it more difficult to recover scam proceeds.
Fintech / Regtech
HKMA Issues Regtech Guide on Managing Cyber Risk
By Manesh Samtani | 26/01/2022
The guide will help banks apply Regtech solutions for cyber risk management, including to address risks from container technology and remote working.
Securities / Derivatives
SGX Lists First Two SPACs Under New Framework
By Editors | 24/01/2022
Vertex Technology Acquisition Corp and Pegasus Asia listed last week. A third SPAC, filed by Novo Tellus Alpha Acquisition, will debut on Thursday.
Big Picture
IMF Commends Hong Kong Efforts to Safeguard Stability
By Manesh Samtani | 23/01/2022
Hong Kong banks’ exposures to the mainland property market warrant continued close monitoring and periodic stress testing.
AML / KYC
SFC Fines Zhonghui International Futures for KYC/AML Failures
By Manesh Samtani | 20/01/2022
This is the second fine imposed against a firm over the use of a customer supplied system called Xinguanjia, which allows the creation of subaccounts that can be operated by a third party.
Securities / Derivatives
CMB Backed SPAC Applies for Hong Kong Listing
By Editors | 20/01/2022
The SPAC listing application was made by Aquila Acquisition Corporation, whose ultimate parent is China Merchant Bank.
Market Infrastructure
HKMA Emphasises PvP Settlement in Revised FX Guidance
By Manesh Samtani | 19/01/2022
Banks should aim to have all their FX trades become eligible for PvP settlement, while also encouraging counterparties to do the same.
Hong Kong Anti Covid Restrictions Take Toll on Banks
By Sanday Chongo Kabange | 18/01/2022
Banks including Goldman Sachs, Bank of America, Morgan Stanley and UBS are struggling to bring key executives into Hong Kong due to flight bans.
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