Hong Kong

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    Enforcement

    SFC Bans Two Licensed Reps Over Bribery Convictions

    By Sanday Chongo Kabange | 07/02/2024

    The SFC barred two former representatives of Nerico Brothers, considering them “not fit and proper” to be licensed.

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    Capital / Liquidity

    Hong Kong to Raise Bank Deposit Protection Limit in Q4

    By Manesh Samtani | 07/02/2024

    Hong Kong’s deposit protection limit will be raised from HKD 500,000 to HKD 800,000, the first increase in 13 years.

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    Enforcement

    Hong Kong: Ex-Stanchart Banker Jailed Over Insurance Fraud

    By Sanday Chongo Kabange | 06/02/2024

    A former Standard Chartered Bank insurance specialist has been jailed for 20 months for premeditating a scam involving two clients and breaching the trust placed in him.

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    Enforcement

    SFC Fines PICC Asset Management for Fund Management Failures

    By Sanday Chongo Kabange | 06/02/2024

    The SFC penalised PICC Asset Management for failing to discharge duties as the manager of a Cayman-incorporated fund.

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    Crypto / Digital Assets

    Hong Kong PCPD Warns Against Worldcoin’s Free Crypto Offer

    By Sanday Chongo Kabange | 05/02/2024

    The PCPD raided six premises of the Worldcoin project in Hong Kong, saying the city’s privacy law may have been breached.

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    AML / KYC

    Multinational Firm Scammed by Deepfake Tech in Hong Kong

    By Editors | 05/02/2024

    A finance worker was duped in a video call by a deepfake version of his company’s CFO to transfer HKD 200 million.

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    Sanctions

    OFAC Sanctions Four HK Entities for Supporting Iran

    By Editors | 05/02/2024

    Three of the Hong Kong companies operated as “covert procurement entities” for Iran’s weapons programmes. The fourth sold Iranian commodities to benefit Iran.

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    Crypto / Digital Assets

    Hong Kong Planning Regulatory Framework for OTC Crypto Venues

    By Manesh Samtani | 03/02/2024

    Some OTC venues including physical shops played a role in fraud cases last year, said top Hong Kong official Christopher Hui.

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    Fintech / Regtech

    HKMA, BOT to Enhance Cross-border Collaboration

    By Sanday Chongo Kabange | 31/01/2024

    HKMA and BOT will explore the use of local currencies in cross-border trade and collaboration in financial digitalisation, fintech, and sustainable finance.

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    Market Infrastructure

    Mainland, HK Can Mutually Recognise Court Judgments

    By Editors | 30/01/2024

    The new arrangement will make it easier to resolve civil and commercial disputes involving cross-border elements.

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