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AML / KYC
US Sanctions 24 Officials Over Hong Kong Electoral Changes
By Editors | 19/03/2021
Foreign financial institutions that knowingly conduct significant transactions with the 24 individuals are subject to sanctions.
Market Infrastructure
HKMA Urges Continued Progress on LIBOR Transition Efforts
By Manesh Samtani | 18/03/2021
The HKMA’s Edmond Lau highlighted three essential elements for LIBOR transition: operational and system capabilities, effective coordination; commitment from top management.
AML / KYC
SFC Fines Yardley Securities for AML/CFT Breaches
By Editors | 17/03/2021
Yardley Securities processed and approved third party fund transfers without proper due diligence. Staff were not aware their employer had an MLRO.
Big Picture
New Report Explores Outlook for Hong Kong Virtual Banks
By Editors | 17/03/2021
The paper features case studies of Revolut and Tinkoff Bank, as well as insights from interviews with all eight Hong Kong virtual banks.
Market Infrastructure
HKMA to Commence Review of Front Office Incentive Systems
By Manesh Samtani | 17/03/2021
The review will focus on how incentive systems at 20 retail banks are designed and implemented, and how they drive behaviours of frontline staff and affect customer outcomes.
Securities / Derivatives
Hong Kong to Further Develop Structured Credit Markets
By Manesh Samtani | 17/03/2021
Structured credit products can help to raise green capital from international investors to support China’s transition to its 2060 carbon neutrality target.
Securities / Derivatives
HKEX Sets Launch Date for Mini USD/CNH Futures
By Editors | 16/03/2021
The new contract will provide investors additional risk management tools, help them optimise their capital efficiency, and support the RMB’s internationalisation.
Fintech / Regtech
Ex-HKEX CEO Charles Li to Launch SME Funding Platform
By Sanday Chongo Kabange | 16/03/2021
The former stock exchange CEO Li is looking to address due diligence challenges, high risks and low funding amounts in traditional SME finance methods.
AML / KYC
HK, China Working to Simplify Cross-border Account Opening
By Editors | 15/03/2021
Regulators are reportedly working to simplify cross-border bank account opening processes to facilitate the launch of Wealth Management Connect.
AML / KYC
SFC Fines Sino-Rich Securities & Futures for AML Breaches
By Editors | 15/03/2021
Sino-Rich Securities & Futures routinely processed 238 cash deposits and 269 third party transfers without adequate AML/CTF controls in place.
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