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Hong Kong
AML / KYC
HKMA Proposes Revisions to E-banking Risk Management Requirements
By Manesh Samtani | 22/04/2024
HKMA’s revised SPM Module incorporates additional requirements on electronic banking security and expands the obligations to payment card transactions.
Enforcement
HKMA Fines Hua Nan Commercial Bank Over AML/CFT Controls
By Editors | 22/04/2024
HKMA identified deficiencies in the bank’s ability to continuously monitor some customer relationships over a six-year period.
Enforcement
Hong Kong AFRC Probing Whistleblower Allegations Against PwC
By Editors | 22/04/2024
The probe was prompted by an anonymous “whistle-blower report” circulating in the media which PwC says contains “inaccurate statements and false allegations”.
Market Infrastructure
CSRC Announces New Measures to Enhance Stock Connect
By Manesh Samtani | 21/04/2024
The measures include relaxed ETF eligibility criteria, inclusion of REITs and RMB-denominated HK stocks, and more support for Mainland listings in HK.
Market Infrastructure
SFC, HKMA Find Deficient Practices in Investment Product Sales
By Manesh Samtani | 19/04/2024
A thematic review highlighted issues with product due diligence methodologies and a lack of understanding of certain structured products.
Market Infrastructure
HKAB Sets Launch Date for New Credit Reference Platform
By Sanday Chongo Kabange | 19/04/2024
The new credit reference platform, known as ‘Credit Data Smart’, will start service on 26 April. Three CRAs are contributing data.
Market Infrastructure
HKEX to Develop New Derivatives Platform In-House
By Sanday Chongo Kabange | 19/04/2024
The Orion Derivatives Platform will offer enhanced trading and clearing capabilities and the potential for near 24-hour trading.
AML / KYC
HKMA Offers New Guidance on Transaction Monitoring
By Manesh Samtani | 17/04/2024
The guidance is based on a thematic review of TM systems, which also explored how FIs adopt artificial intelligence to optimise performance.
Crypto / Digital Assets
HKMA Issues Risk Management Guidance for DLT Adoption
By Sanday Chongo Kabange | 17/04/2024
The guidance covers DLT network and smart contract design and governance, the associated risks, and the need for interoperability.
Enforcement
SFC Orders Trading Suspension of Listed Fruit Products Seller
By Editors | 16/04/2024
The company was earlier ordered to reconstitute its board of directors and engage an independent manager over more than $60m in missing funds.
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