AML / KYC

SFC Sanctions Sino-Rich Responsible Officers Over AML Breaches

20/07/2021

Sino-Rich Securities & Futures was fined for AML breaches in March. Its CEO and another director have been deemed responsible.

ACCC Wary of Potential NAB Bid for Citigroup Unit

18/07/2021

NAB is in talks about a possible acquisition of Citigroup’s Australian retail banking business. The ACCC says it is paying close attention.

AML / KYC

SFC Issues Warning on Unregulated Virtual Asset Platforms

18/07/2021

Soon after the SFC’s statement, Binance announced that stock tokens will no longer be available for purchase on its website.

Securities / Derivatives

China to Exempt Hong Kong IPOs from Cybersecurity Reviews

18/07/2021

Chinese officials have reportedly outlined an exemption from the requirement to undergo a cybersecurity review for companies destined for a Hong Kong IPO.

AML / KYC

US Government Warns Of Rising Business Risk in Hong Kong

18/07/2021

A business advisory from four US government agencies says US firms should be aware of the risks they face if they continue operating in Hong Kong.

BOT Allows Two-month Debt Holiday Amid Fresh Lockdown

18/07/2021

Individuals and SMEs impacted by the latest Covid-19 lockdown measures can suspend principal and interest payments for two months.

Securities / Derivatives

HKMA Publishes Criteria for PE Funds Seeking Tax Concession

18/07/2021

A fund should have operating expenditure incurred in Hong Kong for the provision of investment management services amounting to at least HK$2mn.

AML / KYC

NZ FMA Issues New Guidance on Electronic ID Verification

18/07/2021

A new Explanatory Note identifies electronic sources of information that reporting entities can use for identity verification.

Market Infrastructure

CFTC Set to Formally Adopt of ‘SOFR First’ Initiative

18/07/2021

SOFR First has four phases, starting with the adoption of SOFR instead of LIBOR as the default rate for USD linear swaps from 26 July 2021.