Hong Kong

Enforcement

HSBC Responsible Officer Disqualified Over MPF Referral Programme

By Sanday Chongo Kabange | 09/09/2024

The responsible officer was disqualified for 30 months for his role in recruiting unregistered personnel to refer MPF corporate clients to HSBC.

Enforcement

HKMA Suspends Ex-Hang Seng Bank Employee for Dishonest Conduct

By Sanday Chongo Kabange | 09/09/2024

The HKMA suspended a former Hang Seng Bank relevant individual for fabricating a client’s signature on a time deposit application form.

Capital / Liquidity

Hong Kong Banks Pledge to Provide Continued Support to SMEs

By Manesh Samtani | 06/09/2024

14 banks committed to replying customers about credit approval reviews within one month and about mortgage loan application outcomes within 14 days.

AML / KYC

HK Customs Announces Disciplinary Actions Against Four MSOs

By Editors | 06/09/2024

The MSOs failed to keep records of remittance transactions and to identify beneficial owners and PEPs, among other breaches of AML/CTF requirements.

Capital / Liquidity

HKMA Consults on Guidance for Basel III Reform Package

By Manesh Samtani | 04/09/2024

The guidance covers certain requirements relating to the rules on operational risk capital, exposure limits and LCR calculation.

Securities / Derivatives

SFC Issues Licensing Guidance for Visiting and Returning Professionals

By Sanday Chongo Kabange | 03/09/2024

The SFC provides guidance on licensing options for professionals visiting and returning to Hong Kong to conduct regulated activities.

Enforcement

SFC Imposes Lifetime Ban on Former UBS Associate Director

By Sanday Chongo Kabange | 03/09/2024

The former associate director was banned for life following his conviction for laundering $1.8mn that he stole from UBS.

Securities / Derivatives

HKEX Launches Weekly Options on Hang Seng TECH Index

By Sanday Chongo Kabange | 03/09/2024

In November, HKEX will also launch weekly options on stocks including HSBC Holdings, Alibaba, Tencent Holdings and BYD.

AML / KYC

HKMA Fines WeChat Pay for AML Control Deficiencies

By Sanday Chongo Kabange | 02/09/2024

WeChat Pay had control deficiencies in its process for undertaking CDD reviews and applying EDD measures.