AML / KYC

BSP Issues Guidance on Conducting AML/CFT Risk Assessments

18/07/2022

The findings from institutional risk assessments should be used to enhance AML/CFT/CPF/sanctions compliance programmes and made available to the BSP during examinations.

Fintech / Regtech

HKMA, Banks, Bloomberg Launch Fintech Talent Initiative

18/07/2022

The partners include the HKMA, FSDC, Bloomberg, Ant Group, Bank of America, BOCHK, Citi, Credit Suisse, DBS, Goldman, HKEX, HSBC, JP Morgan, and others.

Enforcement

Singapore Police Lay Fraud Charges Against Zenrock Founder

18/07/2022

The founder and his former operations executive were charged for cheating Bank of China, HSBC and Credit Agricole CIB.

Enforcement

SFC Bans Former StanChart Representative for Three Years

18/07/2022

The representative’s mother transferred funds into five customers’ payroll accounts to improve his work performance.

Chinese Police Summon Alibaba Staff to Probe Data Breach

18/07/2022

Personal information on 1 billion Chinese citizens was reportedly stolen from a Shanghai police database located on an Alibaba server.

Market Infrastructure

HKEX, SFC Extend HKIDR Testing Period Until 5 August

18/07/2022

Firms that have not completed the mandatory E2E Test yet are reminded to complete the test “as soon as possible”.

Uncategorised

Hong Kong’s Target Insurance Deemed Insolvent, Winding-up Initiated

18/07/2022

Target is Hong Kong’s largest motor insurer, providing coverage for mini buses and more than 60 percent of the 18,000-plus taxis in the city.

Capital / Liquidity

Pakistan Sets January 2023 Deadline for IFRS 9 Adoption

18/07/2022

IFRS 9 will prompt a one-off increase in banks’ loan-loss provisioning, diminishing shareholder capital. Banks will also be pressured by increased taxes.

AML / KYC

Sanctions Over-Compliance Causes Human Rights Violations: UN Expert

18/07/2022

UN Special Rapporteur Alena Douhan says governments and FIs should be doing more to ensure over-compliance with sanctions does not negatively impact human rights.