Hong Kong

AML / KYC

HKMA Fines Prepaid Card Issuer 33FS for AML/CTF Deficiencies

By Editors | 17/01/2022

The case involved control deficiencies in respect of 33 Financial Services Limited’s transaction monitoring and name screening systems, the HKMA said.

Capital / Liquidity

HKMA Issues Draft Guidance on Liquidity and Funding in Resolution

By Manesh Samtani | 16/01/2022

The HKMA expects banks to be able to model liquidity and funding needs in a resolution scenario over various time horizons.

AML / KYC

OFAC Fines HK Unit of Japanese Conglomerate Sojitz

By Editors | 13/01/2022

Trading in Iran-origin goods was carried out without the knowledge of senior management by employees who omitted information from documentation.

Fintech / Regtech

HKMA to Introduce Regulatory Framework for Stablecoins

By Mark Johnston | 13/01/2022

Only Hong Kong incorporated entities licensed by the HKMA would be allowed to actively market stablecoins to the local public.

Securities / Derivatives

HKEX, SZSE Expand Capital Markets Cooperation Agreement

By Editors | 12/01/2022

HKEX and SZSE will conduct joint forums and workshops, and take part in reciprocal short-term training and secondment programmes for their employees.

HK Banks Extend Repayment Deferment for Trade Facilities

By Editors | 12/01/2022

The HKMA cited uncertainties caused by the spread of Covid-19 and global supply chain disruptions that are continuing to pressure corporates.

Market Infrastructure

HKEX to Launch Derivatives Holiday Trading by Easter

By Manesh Samtani | 07/01/2022

All MSCI futures and options will be included as the first batch of Holiday Trading Products. A market readiness test will be held in late February 2022.

Capital / Liquidity

HKMA Unveils Results of Climate Risk Stress Tests

By Manesh Samtani | 03/01/2022

The HKMA has also finalised its guidance on climate risk management, giving banks until end-2022 to implement the new measures.

HK Regulators to Assess Sales Practices of Tax-deductible Products

By Mark Johnston | 03/01/2022

A mystery shopping programme is being launched by the HKMA, MPFA and IA to assess the extent to which statutory and regulatory objectives are being met by intermediaries.