Hong Kong

AML / KYC

We Need to Accelerate Regtech Transition in AML Work: HKMA

By Manesh Samtani | 23/11/2019

We need to enable a wider application of technology to AML work in the sector, deputy chief Arthur Yuen said at the HKMA’s its first AML/CFT RegTech Forum on Friday.

Enforcement

SFC Warns Against Concealing Identities of Transacting Counterparties

By Manesh Samtani | 22/11/2019

Listed entities should disclose counterparties’ controllers and beneficial owners in corporate transactions. Asset managers should maintain effective controls to detect dubious arrangements or transactions.

Market Infrastructure

Hong Kong Leads Asia on LIBOR Transition Readiness: KPMG

By Manesh Samtani | 21/11/2019

Survey findings and discussions with banks in the region indicate a lack of readiness for the LIBOR transition. But, failure to keep up will eventually prove disruptive, KPMG says.

Securities / Derivatives

CSRC to Allow Full Conversion of Non-tradeable Shares to H-Shares

By Editors | 19/11/2019

The move is seen as a way for state investors to exit some industries, and a way for some mainland companies to raise new funds and improve liquidity in their H-shares.

Enforcement

SFC Bans Former Deutsche Securities RO for Life

By Editors | 18/11/2019

For ban follows a February 2018 conviction, where the former responsible officer was sentenced to 45 months’ imprisonment and ordered to pay HK$6.4mn to Deutsche Bank AG in restitution.

Market Infrastructure

Exploring APAC’s Emerging Data-Intensive Regulatory Environment

By Swati Kothari | 15/11/2019

APAC’s data intensive regulatory environment is making it increasingly important for banks to adopt a strategic data framework, say Swati Kothari and Jackielou Imperial at Wolters Kluwer.

Enforcement

UBS to Pay HK$600m in Fines and Compensation for Overcharging Clients

By Editors | 12/11/2019

The SFC reprimanded and fined UBS for overcharging clients over a ten-year period, affecting 5,000 Hong Kong-managed client accounts in over 28,000 transactions.

Enforcement

Former HKTV Staff Member Jailed for Insider Dealing

By Editors | 09/11/2019

HKTV’s former senior regulatory affairs manager made over HK$160,000 in profit from trading on insider information in December 2013.

Enforcement

SFC Bans Former HSBC Relationship Manager for One Year

By Editors | 07/11/2019

The former relationship manager used incomplete application forms pre-signed by the client to effect unit trust transactions without specific authorisation.