Hong Kong

AML / KYC

HK ICAC, FRC to Collaborate on Financial Market Malpractice

By Editors | 07/10/2021

The new MoU sets out a framework for cooperation, covering case referrals, joint investigations, information exchange, mutual investigative assistance and training.

AML / KYC

HKMA Issues Guidance on Preventing eDDA Fraud

By Editors | 06/10/2021

The HKMA provides good practices banks can use to guard against different fraud scenarios when offering electronic direct debit authorisation services.

Fintech / Regtech

HKMA Seeks Input on Technical Design for Retail CBDC

By Manesh Samtani | 05/10/2021

The technical architecture proposed in a new whitepaper includes a privacy preservation arrangement that also allows for transaction traceability.

Sanctions

Evergrande Poses No Threat to Hong Kong Stability: Paul Chan

By Sanday Chongo Kabange | 05/10/2021

Evergrande accounts for just 0.05 percent of local banking assets. Trading in the company’s shares was suspended on Monday ahead of a major announcement.

Market Infrastructure

SFC Issues New Guidance on Remote Working Risks

By Manesh Samtani | 05/10/2021

The SFC describes incidents that occurred due to failures to split teams amid the pandemic, set up phone recording, and promptly isolate a server compromised by ransomware.

Customers Not Informed in Premium Financing Arrangements

By Editors | 03/10/2021

The HKMA and IA found in joint inspections that customers may not be sufficiently informed about the potential impact of premium financing arrangements.

Market Infrastructure

Hong Kong Capital Market to Increase Use of RMB

By Manesh Samtani | 02/10/2021

HKMA chief Eddie Yue speaks of expanding the use of the RMB in Hong Kong stock market trading and a multi-year programme to enhance the CMU.

Market Infrastructure

HKMA Further Expands Eligible Collateral for RMB Facility

By Editors | 01/10/2021

Eligible collateral will include RMB, USD and EUR debt securities issued offshore by local governments at various levels in Mainland China.

AML / KYC

US DOJ Links Singapore, Hong Kong to Tax Evasion Case

By Editors | 30/09/2021

An unsealed indictment shows that six individuals and a Swiss firm used accounts in Singapore and Hong Kong to help US clients evade taxes from 2009 to 2014.