AML / KYC

HKMA Issues Guidance on Using AI to Enhance AML Monitoring

10/09/2024

Banks will have to assess the feasibility of adopting AI in their ML/TF monitoring systems and then formulate and submit an implementation plan to HKMA by end March 2025.

Enforcement

HSBC Responsible Officer Disqualified Over MPF Referral Programme

09/09/2024

The responsible officer was disqualified for 30 months for his role in recruiting unregistered personnel to refer MPF corporate clients to HSBC.

Enforcement

HKMA Suspends Ex-Hang Seng Bank Employee for Dishonest Conduct

09/09/2024

The HKMA suspended a former Hang Seng Bank relevant individual for fabricating a client’s signature on a time deposit application form.

BSP Authorises Maybank to Launch Islamic Banking Operations

05/09/2024

Maybank is just the second bank authorised to launch Islamic banking operations in the Philippines, after CARD Bank was authorised in June 2023.

Fintech / Regtech

New Zealand Consults on CDR for Banking, Electricity Sectors

04/09/2024

The proposal would require ANZ, BNZ, ASB and Westpac to implement open banking from 1 Dec 2025 and Kiwibank from 1 Dec 2026.

Securities / Derivatives

SFC Issues Licensing Guidance for Visiting and Returning Professionals

03/09/2024

The SFC provides guidance on licensing options for professionals visiting and returning to Hong Kong to conduct regulated activities.

AML / KYC

New Zealand to Introduce AML Amendment Bill in November

03/09/2024

A new cabinet paper sets out 25 proposals for further amendments to New Zealand’s AML/CFT Act.

Enforcement

SFC Imposes Lifetime Ban on Former UBS Associate Director

03/09/2024

The former associate director was banned for life following his conviction for laundering $1.8mn that he stole from UBS.

Securities / Derivatives

HKEX Launches Weekly Options on Hang Seng TECH Index

03/09/2024

In November, HKEX will also launch weekly options on stocks including HSBC Holdings, Alibaba, Tencent Holdings and BYD.