Banks are expected to review their remuneration systems and adopt all necessary changes by 1 January 2022, the HKMA says.
The report indicates that the risks were known, but responsible parties in the first and second lines simply failed to act.
Regulators will continue to allow VIE structures, recognising that they serve as a vital way for companies to attract foreign capital.
BIS Innovation Hub Singapore Centre and MAS have published a blueprint that could make real-time cross-border payments a reality in the next two to four years.
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