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AML / KYC
Intermediaries Should Lay Down Anti-bribery Policies: SFC
By Editors | 21/12/2020
Intermediaries should draw reference from the sample code of conduct issued by the ICAC and provide appropriate training to directors, staff members and agents.
Market Infrastructure
HKMA Unveils Enhanced Competency Framework on Operational Risk
By Editors | 20/12/2020
The new Enhanced Competency Framework is aimed at raising the professional competence of practitioners working in the operational risk management function of banks.
Securities / Derivatives
SFC Consults on Amendments to Code on Pooled Retirement Funds
By Editors | 20/12/2020
Given the wide participation in Hong Kong by employers and employees in ORSO schemes which invest in PRFs, appropriate investor protection should apply.
Fintech / Regtech
HKMA Outlines Regtech Use Cases for Pandemic Environment
By Editors | 18/12/2020
In its fifth issue of ‘Regtech Watch’, the HKMA outlines four potential regtech use cases relevant to the pandemic environment.
ESG / Sustainability
Hong Kong Launches Strategic Plan for Greener Financial Ecosystem
By Manesh Samtani | 17/12/2020
A cross-agency steering group has announced a green and sustainable finance strategy for Hong Kong and five key action points.
Capital / Liquidity
HKMA Consults on Implementation of Revised CVA Risk Framework
By Editors | 17/12/2020
The revised CVA risk capital framework is likely to have significant impacts on banks, particularly for those with material CVA risk exposures, the HKMA says.
Crypto / Digital Assets
SFC Issues First Licence to Digital Asset Trading Platform
By Editors | 16/12/2020
The licences permit OSL Digital Securities to operate regulated brokerage and automated trading services for digital assets.
AML / KYC
Hong Kong Set to Tighten Rules for Digital Wallets July 2021
By Editors | 15/12/2020
Non-real-name account holders will not be able to transfer money to other banks or e-wallets, or make cross-border remittances.
Securities / Derivatives
Hong Kong Audit Regulator Gains Access to Chinese Audit Papers
By Editors | 15/12/2020
“This is a landmark moment for cross-border cooperation in the investigation of auditing irregularities,” said Financial Reporting Council chairman Kelvin Wong.
AML / KYC
No Banks Subject to HKAA Secondary Sanctions: US Treasury
By Manesh Samtani | 13/12/2020
In a report to Congress, the Treasury said it has not identified any foreign FIs that “knowingly” conducted significant transactions with the ten individuals sanctioned in October.
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