Hong Kong

AML / KYC

HK ICAC Charges Two in Bribery Case Involving ICBC Unit

By Editors | 20/12/2023

A shipping consultancy director bribed a former executive of ICBC Financial Leasing to secure a consultancy contract for an iron ore shipping project.

Big Picture

FSB Reports Decline in Shadow Banking Assets

By Nithya Subramanian | 20/12/2023

The NBFI sector recorded a 2.9 per cent fall in financial assets in the sector, attributed to higher interest rates.

Enforcement

SFC Fines Brokerage for Breaching Financial Resources Rules

By Mark Johnston | 19/12/2023

Central Wealth Securities Investment made various accounting and calculation errors in its financial returns and had a liquid capital deficit for eight months.

AML / KYC

HKMA Fines SVF Licensee TNG for AML Compliance Failures

By Sanday Chongo Kabange | 19/12/2023

The HKMA said TNG had no audit trail from MLRO reviews and did not take appropriate steps to assess whether STRs should be filed.

Market Infrastructure

HKMA Proposes Updated Guidance to Address Banking Sector Talent Gaps

By Manesh Samtani | 19/12/2023

The revised guidance includes new expectations on manpower planning and staff training to ensure banks can fill their talent gaps.

Securities / Derivatives

HKEX: GEM Reforms to Take Effect from 1 January 2024

By Editors | 17/12/2023

The reforms will enable enterprises to more easily list on GEM, reduce the burden of continuing obligations, and streamline the process for transfers to the Main Board.

Capital / Liquidity

HKMA Sets Expectations on Managing Risk, IRRBB, Liquidity

By Manesh Samtani | 17/12/2023

Banks should establish social media monitoring frameworks, develop plans to respond to negative publicity, and limit how much HTM securities are held as HQLA.

HKEX Appoints Bonnie Chan to be Next Chief Executive

By Editors | 17/12/2023

HKEX Head of Listing and Co-Chief Operating Officer will take over as CEO from Nicolas Aguzin on 24 May 2024.

AML / KYC

HK Amends National Security Law to Facilitate Asset Freezes

By Editors | 15/12/2023

The national security law has been amended to allow assets to be frozen “until the conclusion of the proceedings” such as criminal prosecutions.