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HKMA Directs Banks to Use Name Matching in Fund Transfers
By Editors | 21/12/2021
Banks are directed to perform name matching for fund transfers over HKD 10,000 to reduce the chance of error inputs by customers.
Market Infrastructure
HKMA Directs Banks to Observe Latest FX Global Code
By Mark Johnston | 21/12/2021
Banks are expected to review their practices to ensure observance of the FX Global Code and renew the Statement of Commitment by 15 July 2022.
AML / KYC
HKMA Fines ePaylinks Technology for AML/CTF Breaches
By Editors | 20/12/2021
SVF licensee ePaylinks had deficiencies in its transaction monitoring and name screening systems, and failed to take enhanced measures in high risk situations.
Securities / Derivatives
Hong Kong FRC Issues Guidance for Audit Committees
By Editors | 20/12/2021
The guidelines are intended to help audit committees adopt best practices in selecting auditors that will enhance the quality of corporate reporting.
Securities / Derivatives
HKEX Finalises Framework for SPAC Listings in Hong Kong
By Manesh Samtani | 20/12/2021
The new framework takes effect on 1 January. A SPAC’s securities must be distributed to at least 20 institutional professional investors, down from 30 proposed during consultation.
Market Infrastructure
HKMA Sets Targets for Launch of New Credit Reference Platform
By Manesh Samtani | 19/12/2021
The new platform will serve as an interface for credit providers and CRAs to share credit data, as Hong Kong prepares to introduce additional CRAs in the city.
ESG / Sustainability
HK Steering Group Announces Next Steps in Green Transition
By Editors | 18/12/2021
HKMA to develop new ECF module on Green and Sustainable Finance. Steering Group to explore local taxonomy and voluntary carbon market.
AML / KYC
SFC Fines Mason Securities for AML Breaches
By Editors | 17/12/2021
In deciding the disciplinary sanction, the SFC took into account the “extensive period of time” over which the failures occurred.
Market Infrastructure
HKMA, SFC Consult on Calculation Periods for OTC Derivatives Clearing
By Editors | 16/12/2021
The existing list of calculation periods will be exhausted in about one year’s time. The HKMA and SFC propose to add eight similar calculation periods to the clearing rules.
AML / KYC
Hong Kong, Singapore Authorities Arrest 10 in Joint Operation
By Manesh Samtani | 16/12/2021
Six senior executives of Hong Kong listed companies were among those arrested, for operating a cross-border pump-and-dump manipulation scheme.
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