Under the new PAPT mechanism, mortgage refinance proceeds can be transferred directly from one bank to another rather than via a law firm.
The SFC said RBC Investment Services failed to segregate client money and transferred securities from client accounts without valid standing authority.
Significant uncertainty lies ahead for import and export businesses, the HKMA said. The scheme will fully expire at the end of October.
The practice guide is meant to help banks plan the implementation of regtech solutions to address the risks associated with third-party relationships.
The partners include the HKMA, FSDC, Bloomberg, Ant Group, Bank of America, BOCHK, Citi, Credit Suisse, DBS, Goldman, HKEX, HSBC, JP Morgan, and others.
The representative's mother transferred funds into five customers' payroll accounts to improve his work performance.
Firms that have not completed the mandatory E2E Test yet are reminded to complete the test "as soon as possible".
FSDC chairman Laurence Li said Hong Kong we must not allow any "slippage" in its role as an international financial centre, and as a connector to the mainland.
Hong Kong should ensure financial services professionals can move freely, and expand Wealth Connect over time to include alternative asset classes, AIMA says.
HKMA executive director Carmen Chu discussed initiatives to enable bank-to-bank information sharing and use granular bank data to detect ML risk.
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