The AFRC can subject auditors who commit misconduct to penalties up to HKD 10 million, or three times profit gained, whichever is higher.
Banks must develop ESRM systems that assess environmental and social risks arising from their operations, products, services, transactions, activities, and operating environment.
FSOC report calls for legislation to establish stablecoin regulation, supervisory authority over crypto asset entities, and rulemaking authority over crypto-asset spot markets.
One option is to group financial activities into a dedicated subgroup under an FHC structure. A second is to create a new regulatory category for big tech financial groups.
Japan Bankers Association says the proposed infrastructure risk add-on will discourage banks from developing new DLT businesses.
The sanctions are a response to Putin's attempt to annex four regions of Ukraine, after holding referendums that have been denounced as illegal and coercive.
The HKMA plans to run a network analytics-themed AMLab again later this year to give more banks an opportunity to take part.
The EU package includes an oil price cap and a complete ban on providing crypto services to Russians. UK targets include Gazprombank, Sberbank and Sovcombank board members.
Financial Secretary Paul Chan said this week that "bold reforms" are in the pipeline to attract talent and enterprises to the city.
CCIL says market participants have expressed a desire since 2016 for it to provide the centralised infrastructure needed for UMR compliance.