Conduct, Culture & Accountability

Hong Kong FRC Continues to Find Auditing Irregularities

09/11/2021

The most common auditing irregularities involved failures to perform engagement quality control reviews adequately, and to obtain sufficient audit evidence.

Resolution & Recovery

HKMA Finalises Guidance on Implementing OCIR Arrangements

08/11/2021

In a new chapter of its code of practice, the HKMA sets out its expectations on the arrangements banks must have in place to maintain operational continuity in resolution.

Conduct, Culture & Accountability

HKMA Issues New Code of Practice for Banks’ Trust Business

07/11/2021

Locally incorporated AIs should ensure their trust subsidiaries comply with the code of practice. Supervisory action may be taken for noncompliance.

CBDCs

Multi CBDC Bridge Project Moves to Test New Use Cases

07/11/2021

The mBridge project team has collaborated with private sector participants to identify 15 potential business use cases that are now being tested.

Data Privacy

PBOC Governor Calls for Stricter Laws to Protect Data

05/11/2021

PBOC governor Yi Gang expressed concerns that some big tech firms have been collecting customer data without consent and misusing the data.

Cryptocurrency

CBA to Become First Major Aussie Bank to Offer Crypto Trading

05/11/2021

CBA will offer customers the ability to buy, sell and hold crypto assets directly through its ‘CommBank’ app, which is currently used by close to six million customers.

Supervision & Enforcement

APRA Finds Underperformance Among Choice Super Products

04/11/2021

APRA plans to release its first Choice Product Heatmap in late 2021, following from its launch of the MySuper Product Heatmap in December 2019.

Tokenisation

HKMA Unveils New Measures to Achieve Fintech Vision

04/11/2021

Prototype platforms for green bond tokenisation developed. Commercial Data Interchange enters pilot launch. AML Regtech Lab set for Friday launch.

Cryptocurrency

Hong Kong Virtual Assets Regime Under Review: SFC

03/11/2021

The SFC is considering whether licensed firms should be allowed to provide crypto trading services to clients through omnibus account arrangements, and whether to allow crypto ETFs.