Proposals cover eight main functions including compliance and AML/CTF.
Officers banned from the industry for using client money for personal use.
Systemically important institutions should set up risk, nomination and remuneration committees.
Enrolment in courses run by Hong Kong Institute of Bankers begins in April 2017.
Findings include insufficient management and control personnel involvement in governance.
Staff alleged to have bribed managers to obtain customer data and sell high-interest loans.
Disciplinary actions up 67%; civil proceedings rise 23%; completed investigations increase by 24%.
Regulators will collaborate on ‘experience sharing’, information exchange.
Agreement to allow cross-border sales includes rules on equal treatment of investors.
Paper filing by individual applicants and licensees will not be allowed from 1 February 2017.
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