Hong Kong

Enforcement

SFC Bans Two Licensed Reps Over Bribery Convictions

By Sanday Chongo Kabange | 07/02/2024

The SFC barred two former representatives of Nerico Brothers, considering them “not fit and proper” to be licensed.

Capital / Liquidity

Hong Kong to Raise Bank Deposit Protection Limit in Q4

By Manesh Samtani | 07/02/2024

Hong Kong’s deposit protection limit will be raised from HKD 500,000 to HKD 800,000, the first increase in 13 years.

Enforcement

Hong Kong: Ex-Stanchart Banker Jailed Over Insurance Fraud

By Sanday Chongo Kabange | 06/02/2024

A former Standard Chartered Bank insurance specialist has been jailed for 20 months for premeditating a scam involving two clients and breaching the trust placed in him.

Enforcement

SFC Fines PICC Asset Management for Fund Management Failures

By Sanday Chongo Kabange | 06/02/2024

The SFC penalised PICC Asset Management for failing to discharge duties as the manager of a Cayman-incorporated fund.

Crypto / Digital Assets

Hong Kong PCPD Warns Against Worldcoin’s Free Crypto Offer

By Sanday Chongo Kabange | 05/02/2024

The PCPD raided six premises of the Worldcoin project in Hong Kong, saying the city’s privacy law may have been breached.

AML / KYC

Multinational Firm Scammed by Deepfake Tech in Hong Kong

By Editors | 05/02/2024

A finance worker was duped in a video call by a deepfake version of his company’s CFO to transfer HKD 200 million.

Sanctions

OFAC Sanctions Four HK Entities for Supporting Iran

By Editors | 05/02/2024

Three of the Hong Kong companies operated as “covert procurement entities” for Iran’s weapons programmes. The fourth sold Iranian commodities to benefit Iran.

Crypto / Digital Assets

Hong Kong Planning Regulatory Framework for OTC Crypto Venues

By Manesh Samtani | 03/02/2024

Some OTC venues including physical shops played a role in fraud cases last year, said top Hong Kong official Christopher Hui.

Fintech / Regtech

HKMA, BOT to Enhance Cross-border Collaboration

By Sanday Chongo Kabange | 31/01/2024

HKMA and BOT will explore the use of local currencies in cross-border trade and collaboration in financial digitalisation, fintech, and sustainable finance.