HKMA Executive Director Carmen Chu highlights the need for transformation and collaboration to combat new AML and fraud challenges in the digital era.
The SPM module was revised to reflect the current supervisory approach and practices adopted by the HKMA and to incorporate international standards.
The guideline includes expectations on governance, strategy, risk management and disclosure. The HKMA plans to allow a 12-month period for implementation.
Sino-Rich Securities & Futures was fined for AML breaches in March. Its CEO and another director have been deemed responsible.
The four are part of a syndicate that charged criminal clients a commission of 3-5% to launder illicit proceeds from crime.
Soon after the SFC's statement, Binance announced that stock tokens will no longer be available for purchase on its website.
Chinese officials have reportedly outlined an exemption from the requirement to undergo a cybersecurity review for companies destined for a Hong Kong IPO.
A business advisory from four US government agencies says US firms should be aware of the risks they face if they continue operating in Hong Kong.
A fund should have operating expenditure incurred in Hong Kong for the provision of investment management services amounting to at least HK$2mn.
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