Hong Kong

AML / KYC

HKMA Urges Banks to Use iAM Smart in Remote Onboarding

By Manesh Samtani | 25/05/2021

The HKMA clarifies that when iAM Smart is used for identity verification, record keeping requirements may be met by retaining data obtained via API.

AML / KYC

Hong Kong to Bar Retail Investors from Crypto Trading

By Manesh Samtani | 24/05/2021

Hong Kong’s FSTB has issued consultation conclusions on the new licensing regime for VASPs and a new registration regime for precious metals dealers.

Enforcement

HKEX Finalises Rule Changes to Enhance Market Quality

By Manesh Samtani | 21/05/2021

HKEX will increase the profit requirement to HKD 80 million in combined profits over the three years. Proposals to enhance its disciplinary powers and sanctions will also be adopted.

Enforcement

SFC to Investigate, Punish Misconduct in ‘Problematic’ IPOs

By Manesh Samtani | 20/05/2021

In a joint statement with the stock exchange, the SFC says it will not hesitate to take enforcement action against intermediaries for IPO-related misconduct.

Market Infrastructure

HKMA Instructs Banks to Assess Need for Tertiary Data Backup

By Manesh Samtani | 18/05/2021

Banks are asked to critically assess the need to set up a secure tertiary data backup to guard against destructive cyber attacks.

AML / KYC

Former Manager of Sun Life HK Charged for Money Laundering

By Editors | 18/05/2021

The ICAC alleges that the former senior unit manager of Sun Life Hong Kong dealt with crime proceeds totalling over HKD 640,000.

Market Infrastructure

China & HK Agree Cross-border Insolvency Framework

By Manesh Samtani | 18/05/2021

Hong Kong courts and Chinese courts in pilot cities will be able to recognise insolvency, bankruptcy and restructuring proceedings under each other’s laws.

Market Infrastructure

HKEX Clears First SOFR-HONIA Cross Currency Swaps

By Editors | 18/05/2021

OTC Clear announced last week that it was launching clearing services for cross-currency interest rates swaps and basis swaps referencing HONIA and SOFR.

Market Infrastructure

Is Asia Ready for the End of LIBOR?

By Li Renn Tsai | 17/05/2021

Li Renn Tsai compares progress in Asia’s main trading hubs, warning of a logjam of transition-related operational work that will pile up towards year-end.