Hong Kong

AML / KYC

OFAC Fines HK Unit of Japanese Conglomerate Sojitz

By Editors | 13/01/2022

Trading in Iran-origin goods was carried out without the knowledge of senior management by employees who omitted information from documentation.

Fintech / Regtech

HKMA to Introduce Regulatory Framework for Stablecoins

By Mark Johnston | 13/01/2022

Only Hong Kong incorporated entities licensed by the HKMA would be allowed to actively market stablecoins to the local public.

Securities / Derivatives

HKEX, SZSE Expand Capital Markets Cooperation Agreement

By Editors | 12/01/2022

HKEX and SZSE will conduct joint forums and workshops, and take part in reciprocal short-term training and secondment programmes for their employees.

HK Banks Extend Repayment Deferment for Trade Facilities

By Editors | 12/01/2022

The HKMA cited uncertainties caused by the spread of Covid-19 and global supply chain disruptions that are continuing to pressure corporates.

Market Infrastructure

HKEX to Launch Derivatives Holiday Trading by Easter

By Manesh Samtani | 07/01/2022

All MSCI futures and options will be included as the first batch of Holiday Trading Products. A market readiness test will be held in late February 2022.

Capital / Liquidity

HKMA Unveils Results of Climate Risk Stress Tests

By Manesh Samtani | 03/01/2022

The HKMA has also finalised its guidance on climate risk management, giving banks until end-2022 to implement the new measures.

HK Regulators to Assess Sales Practices of Tax-deductible Products

By Mark Johnston | 03/01/2022

A mystery shopping programme is being launched by the HKMA, MPFA and IA to assess the extent to which statutory and regulatory objectives are being met by intermediaries.

AML / KYC

SFC Fines Grand International Futures for AML Breaches

By Editors | 02/01/2022

Grand International Futures did not conduct due diligence on customer supplied systems, resulting in thier use to create subaccounts and solicit investment from Mainland investors.

HKMA Endorses Proposal to Better Protect Mortgage Borrowers

By Editors | 31/12/2021

The proposal will make use of electronic payments directly from bank to bank, rather than routing payments for large property transactions through law firms.