Hong Kong

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.

Fintech / Regtech

HKMA Consults on Renaming ‘Virtual Banks’ as ‘Digital Banks’

By Sanday Chongo Kabange | 07/08/2024

HKMA also published the results of its review of the industry, saying the requirement for virtual banks to primarily deliver retail banking services will be removed.

AML / KYC

HKMA Expands FINEST Platform to Ten Participating Banks

By Editors | 07/08/2024

HKMA’s Raymond Chan said the proposal to expand FINEST to allow sharing of personal account information received broad support.

Fintech / Regtech

HKMA Looks to Bolster Internal Cybersecurity Capabilities

By Manesh Samtani | 07/08/2024

HKMA is planning to deploy a new solution to help it identify “assets, vulnerabilities, and potential entry points that could be targeted by attackers” and manage its attack surface.

Market Infrastructure

HKEX to Hold Practice Session for Severe Weather Trading

By Sanday Chongo Kabange | 06/08/2024

The 24 August session is intended to help EPs prepare for implementation of Severe Weather Trading (SWT) arrangements next month.

Enforcement

Evergrande Seeking to Recover $6bn from Former Executives

By Manesh Samtani | 06/08/2024

The lawsuit, which includes founder Hui Ka Yan as a defendant, was filed in March but only now revealed after a confidentiality order was lifted.

Enforcement

Hong Kong’s Insurance Authority Fines AIA for AML Lapses

By Sanday Chongo Kabange | 06/08/2024

The IA fined AIA’s Hong Kong branch after an inspection identified shortfalls in its AML controls and processes.