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Hong Kong
OJK, HKMA Sign MOU to Expand Cooperation in Banking Supervision
By Editors | 16/08/2024
Indonesia’s OJK said it hopes to establish a supervisory college with the HKMA and enhance staff capacities at both regulators.
Sanctions
OFAC Unveils Fresh Sanctions Against Iranian Shipping Network
By Editors | 16/08/2024
The sanctions target companies based in the Marshall Islands, the UAE, Malaysia and Hong Kong, along with several vessels, for helping to generate revenue for the Houthis.
Capital / Liquidity
HKMA Issues Supplementary Guidance on Market Risk, CVA Risk
By Sanday Chongo Kabange | 14/08/2024
The guidance clarifies that funding swaps should typically be assigned to the trading book unless designated as hedging instruments under hedge accounting.
Fintech / Regtech
HKMA Launches New GenAI Sandbox at Hong Kong Cyberport
By Sanday Chongo Kabange | 14/08/2024
HKMA CEO Eddie Yue said sandbox will empower banks to pilot their novel GenAI use cases within a risk-managed framework.
Capital / Liquidity
HKMA Proposes Revisions to Guidance on Fair Value Practices
By Manesh Samtani | 14/08/2024
The HKMA said the guidance is “especially important for positions without quoted prices in active markets or observable inputs to valuation, as well as less liquid positions.”
AML / KYC
Four Arrested by HK Customs in HK$1.5b Money Laundering Case
By Editors | 10/08/2024
The arrestees allegedly used 39 bank accounts, six shell companies and cryptocurrency to launder crime proceeds from across the APAC region.
Enforcement
Evergrande Liquidators Are Suing PwC for Damages – Report
By Editors | 09/08/2024
The writ of summons accuses PwC of breach of contract, breach of duty, misrepresentation, negligence, and/or unjust enrichment.
Enforcement
Ex-China Forestry Execs Found Culpable of Market Misconduct
By Sanday Chongo Kabange | 08/08/2024
Former CEO and former chairman culpable for disclosing false information in China Forestry’s IPO prospectus, annual results, and annual report in 2008 and 2009.
AML / KYC
HKMA Issues Circular on Changes to Tax Reporting Jurisdictions
By Sanday Chongo Kabange | 08/08/2024
The HKMA said banks are expected to treat customers fairly and minimise their burden when reporting their tax information.
Crypto / Digital Assets
Mox Becomes First HK Virtual Bank to Offer Crypto ETFs
By Sanday Chongo Kabange | 08/08/2024
Mox customers can invest in bitcoin and ether ETFs listed in Hong Kong and the US via the bank’s mobile app.
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