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AML / KYC
SFC Fines Grand International Futures for AML Breaches
By Editors | 02/01/2022
Grand International Futures did not conduct due diligence on customer supplied systems, resulting in thier use to create subaccounts and solicit investment from Mainland investors.
HKMA Endorses Proposal to Better Protect Mortgage Borrowers
By Editors | 31/12/2021
The proposal will make use of electronic payments directly from bank to bank, rather than routing payments for large property transactions through law firms.
HKMA Issues Guidance on Compliance with ‘Stay Rules’
By Editors | 30/12/2021
The HKMA may issue directions to banks or their holding companies if it believes non-compliance with the Stay Rules (including by a related company) may impede orderly resolution.
Capital / Liquidity
HKMA Removes Bank of East Asia from D-SIBs List
By Editors | 28/12/2021
The Bank of East Asia was no longer identified as a D-SIB in the assessment considering its systemic importance relative to other institutions, the HKMA said.
Market Infrastructure
Hong Kong, Mainland Exchanges to Include ETFs in Stock Connect
By Editors | 28/12/2021
Eligible ETFs will be included in Stock Connect. Business and technical preparations are expected to take about six months to complete.
Enforcement
HK ICAC Charges Six Former AXA Employees For Fraud
By Editors | 24/12/2021
The ICAC charged the six former employees with conspiracy to defraud AXA of over HKD 950,000 in commissions and bonuses.
Market Infrastructure
HKMA Moves to Reduce LIBOR-related Reporting Frequency
By Editors | 24/12/2021
The move from monthly reporting back to quarterly reporting means the next reporting position after December 2021 will be March 2022.
AML / KYC
HKMA Asks Banks for ‘Active Participation’ in CDI Initiative
By Editors | 23/12/2021
The HKMA is seeking to link the new CDI to the Commercial Credit Rating Agency and Companies Registry to enhance risk management in the banking industry.
Market Infrastructure
HKMA Proposes New Guidance on Operational Resilience
By Manesh Samtani | 23/12/2021
Revisions to guidance on operational risk management and BCP have also been proposed to align with the operational resilience guidance.
Capital / Liquidity
HKMA Consults on Local Adoption of Pillar 3 Disclosure Requirements
By Manesh Samtani | 23/12/2021
The HKMA proposes to implement almost all the Pillar 3 disclosure requirements, including leverage ratio and market risk disclosure requirements.
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