Hong Kong

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.

Crypto / Digital Assets

HSBC Completes 3 PoC Use Cases in Project Ensemble Sandbox

By Sanday Chongo Kabange | 30/08/2024

The three PoC use cases involve digital bonds, interbank transfers of tokenised deposits, and eBL settlement via tokenised deposits.

Crypto / Digital Assets

HKMA Launches New Sandbox for Tokenised Asset Transactions

By Sanday Chongo Kabange | 29/08/2024

The Project Ensemble Sandbox will facilitate interbank settlement using tokenised money for transactions involving tokenised assets.

Fintech / Regtech

Hong Kong Launches HKUST Institute for Financial Research

By Ranamita Chakraborty | 28/08/2024

The new research institute aims to address social and economic issues through financial research and technological innovation.