Banking regulator says developers offering excessive LTV, not properly assessing repayment ability.
Proposed rules cover governance, suitability requirements and complex product sales.
Executive director for intermediaries says regulator will sanction or ban dormant firms.
Complaints against AIs up 9%, 1,729 cases completed; central bank warns on liquidity risk.
Securities law won’t be amended until October; firms asked to contact regulators if they cannot meet 1 July deadline.
Deputy chief executive acknowledges heightened due diligence on account opening has harmed Hong Kong’s reputation.
Development follows on from January warning on DDOS hacks and blackmail.
Regulator to consider BCBS guidelines, introduce ‘relevant policy proposals’.
Regulators encourage mutual support and cooperation as industry players eye billions in cost savings.
Firm said to have inadequate PEP identification procedures for more than three years.
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