Hong Kong

AML / KYC

HKMA Fines Fubon Bank for Transaction Monitoring Lapses

By Sanday Chongo Kabange | 11/11/2024

HKMA said Fubon had deficiencies in the controls for transmission of transaction data from the core banking system to its transaction monitoring system.

HKMA Mandates Cooling-off Period for Unsecured Consumer Credit

By Editors | 11/11/2024

Retail banks including digital banks have until end-June 2025 to implement at least a 7-day cooling-off period for all unsecured consumer credit products.

Crypto / Digital Assets

StanChart Using Ant’s Blockchain Platform for Instant Treasury Management

By Nithya Subramanian | 08/11/2024

OCBC also signed an MoU with Ant International to use its Whale platform for enable real-time cross-border payments.

Fintech / Regtech

Interpol-led Operation Takes Down Thousands of Servers Liked to Cybercrime

By Nithya Subramanian | 07/11/2024

Hong Kong Police took more than 1,037 servers offline, while Macau Police took down 291 servers as part of Operation Synergia II.

Market Infrastructure

GBA Initiative on Cross-border Data Transfers Extended and Enhanced

By Manesh Samtani | 07/11/2024

The framework, launched at the end of last year, initially only applied to the banking, credit referencing and healthcare sectors. All sectors can now participate.

Enforcement

SFC Imposes 15-Year Ban on Former Hedge Fund Exec

By Sanday Chongo Kabange | 07/11/2024

The SFC barred the former chief investment officer of a hedge fund from re-entering the industry for 15 years for false trading.

Crypto / Digital Assets

Hong Kong Broker to Launch ‘Virtual Asset Structured Products’

By Editors | 06/11/2024

Victory Securities said the SFC has granted it approval to market and distribute “cash-settled virtual asset structured products” to qualified professional investors.

HKMA Sets Expectations for Banks on Handling ‘Autopay’ Arrangements

By Sanday Chongo Kabange | 06/11/2024

The circular addresses situations where a merchant has suspended operations or shut down while customers have active direct debit authorisations in place.

Crypto / Digital Assets

Hong Kong’s OSL Group Expanding to Japan via Acquisition

By Thisanka Siripala | 06/11/2024

OSL Group is acquiring an 81 percent stake in Japanese crypto exchange CoinBest, enabling it to enter the Japanese market.