Hong Kong

Letters sent to HSBC and Citibank threaten up to seven years' jail for any dealings with Hong Kong accounts belonging to media tycoon Jimmy Lai.

A lack of internal controls resulted in Ewarton's failure to detect and prevent unauthorised or improper activities by a licensed representative.

Officials reportedly commissioned an independent study to review State Street's role in managing Hong Kong's Tracker Fund.

The HKMA clarifies that when iAM Smart is used for identity verification, record keeping requirements may be met by retaining data obtained via API.

Hong Kong’s FSTB has issued consultation conclusions on the new licensing regime for VASPs and a new registration regime for precious metals dealers.

HKEX will increase the profit requirement to HKD 80 million in combined profits over the three years. Proposals to enhance its disciplinary powers and sanctions will also be adopted.

In a joint statement with the stock exchange, the SFC says it will not hesitate to take enforcement action against intermediaries for IPO-related misconduct.

Banks are asked to critically assess the need to set up a secure tertiary data backup to guard against destructive cyber attacks.

The ICAC alleges that the former senior unit manager of Sun Life Hong Kong dealt with crime proceeds totalling over HKD 640,000.

Hong Kong courts and Chinese courts in pilot cities will be able to recognise insolvency, bankruptcy and restructuring proceedings under each other's laws.