Hong Kong Monetary Authority

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    Hong Kong Mandatory Reference Checking Regime Now in Force

    By Editors | 04/05/2023

    The regime requires banks to conduct mandatory reference checks to fill specified positions, to address the issue of ‘rolling bad apples’.

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    HKMA Set to Implement New Rules for Trust Business

    By Editors | 03/05/2023

    Banks must report by 15 May on whether they and/or their subsidiaries carry on trust business in Hong Kong. The new rules commence on 1 June.

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    Market Infrastructure

    PBOC Issues Rules to Facilitate Introduction of Swap Connect

    By Editors | 01/05/2023

    Initially, centrally-cleared interest rate swap products will be eligible for trading under the northbound scheme. A southbound leg will be considered later.

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    Hong Kong Further Extends Repayment Period for Trade Loans

    By Editors | 30/04/2023

    Existing trade facilities falling due between May and July 2023 can be extended by a further 90 days, the HKMA said.

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    AML / KYC

    HKMA Offers Guidance on VASP Account Opening

    By Manesh Samtani | 28/04/2023

    Deputy chief Arthur Yuen said the HKMA expects regulated VASPs to be able to open a bank account in Hong Kong through a reasonable process.

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    Crypto / Digital Assets

    China to Start Using CBDC in Cross-Border Trade

    By Sanday Chongo Kabange | 28/04/2023

    Xuzhou will use the e-CNY for payment of Belt and Road trade costs; Changshu City will use it to pay civil servants.

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    HK to Guarantee Loans to Travel, Transport Industries

    By Editors | 27/04/2023

    New scheme will provide guarantees on loans to cross-boundary passenger transport operators and licensed travel agents.

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    AML / KYC

    HK Bank-to-bank Information Sharing Platform to Launch in June

    By Manesh Samtani | 26/04/2023

    Authorities are also considering co-locating bank staff at the ADCC, as this has helped to reduce stop payment response times and enhance loss recoveries in other jurisdictions like Singapore.

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    AML / KYC

    HKMA Sets Loss-Sharing Expectations for Payment Card Fraud

    By Manesh Samtani | 26/04/2023

    To the extent that the cardholders have not acted fraudulently or with gross negligence, they “should not be held liable for the unauthorised transactions”.

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    Fintech / Regtech

    HKMA, PBOC Explore Use of CBDC for Cross-border Payments

    By Editors | 26/04/2023

    HKMA deputy chief Darryl Chan said there is scope to expand the Wealth Management Connect scheme and use CDI data for cross-border finance.

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