Hong Kong

Securities / Derivatives

SFC Fines City International Futures for AML Compliance Failures

By Editors | 10/03/2023

City International Futures is the 6th firm to be fined over the use of software that allows Mainland investors to trade without opening a local securities account in Hong Kong.

Enforcement

HK Issues Record Fine Against Unlicensed Money Service Business

By Editors | 09/03/2023

A Hong Kong money changer and two directors were fined for operating a money service business before their licence application was approved.

AML / KYC

HK Losses from Crypto Scams Exceeded $200m in 2022

By Editors | 08/03/2023

Financial losses from crypto-related scams accounted for more than half of the total value lost through technology crime last year, police say.

AML / KYC

HKMA Issues New AML/CFT Guidance for Private Banks

By Manesh Samtani | 08/03/2023

Guidance is offered to reduce the burden on legitimate private banking customers trying to use banking services in Hong Kong.

Securities / Derivatives

HKEX Identifies Compliance Deficiencies at Some Firms

By Editors | 07/03/2023

Participants should review their current practices and procedures, strengthen their controls, and take immediate actions to rectify any breaches or deficiencies.

Enforcement

SFC Bans Former Senior Manager of Citigroup Asia Unit for Misconduct

By Editors | 07/03/2023

Philip Shaw’s misconduct was “intentional, dishonest and contrary to a licensed person’s overarching duty to act in clients’ best interests,” the SFC said.

Market Infrastructure

Stock Connect Expansion to Launch on 13 March 2023

By Manesh Samtani | 06/03/2023

Mainland investors will have access to about 80 more HK-listed stocks; International investors will have access to more than 1,000 more Mainland-listed stocks.

Enforcement

SFC Bans Ex-Convoy Licensee Over Stock Manipulation Scheme

By Editors | 05/03/2023

A Convoy Asset Management consultant was banned for life for his role in a stock manipulation scheme and for lying to the SFC.

AML / KYC

SFC Calls on Investors to Provide Consent for HKIDR Regime

By Editors | 03/03/2023

After the launch of HKIDR on 20 March, investors who haven’t provided consent will not be able to buy securities on the stock exchange.