Hong Kong

Sanctions

US Banks to Delist Hong Kong Listed Structured Products

By Manesh Samtani | 11/01/2021

The move is said to be a direct result of a prohibition on US persons from purchasing shares in companies identified to be linked to the Chinese military.

AML / KYC

HK Customs Flags Money Laundering Risk from Money Changers

By Editors | 08/01/2021

Amid the pandemic, some criminal actors have turned to licensed money changers, who were more easily lured into criminal activities as their businesses suffer.

Securities / Derivatives

HKEX Outlines Next Steps for VCM, POS Enhancements

By Manesh Samtani | 07/01/2021

Phase 2 VCM enhancements will occur in March 2021 in the securities market. VCM and POS enhancements will be applied to the derivatives market in Q2 2021.

Market Infrastructure

Hong Kong Set to Implement Group-Wide Supervision for Insurance

By Editors | 06/01/2021

Newly gazetted subsidiary legislation will allow the Insurance Authority to set capital, regulatory reporting and public disclosure requirements for insurance groups.

Enforcement

SFC Bans CCB Asia Branch Manager for Life

By Editors | 05/01/2021

The former manager used a cashier’s order application form pre-signed by a customer to misappropriate HK$3.6mn in April 2019.

HKEX Announces Appointment of Interim Chief Executive

By Editors | 05/01/2021

Outgoing chief Charles Li retired from his role on 31 December 2020, a decision announced in September.

HKEX Discontinues Issuance of Exchange Participant Certificates

By Editors | 04/01/2021

HKEX will also stop making available hard copies of any rule book or rule update as part of efforts to continue developing a sustainable and green environment.

Capital / Liquidity

HKMA Intends to Bring ‘Stay Rules’ into Operation in 2021

By Editors | 03/01/2021

Implementation will occur in two phases, the first for contracts where the only counterparties are HKMA-authorised institutions and/or FIs that are part of G-SIBs.

AML / KYC

Hong Kong Launches New Digital Identity Platform ‘iAM Smart’

By Manesh Samtani | 02/01/2021

The SFC, HKMA, IA and MPFA are encouraging FIs to adopt iAM Smart in their businesses for customer authentication, document signing, and remote onboarding.