Hong Kong

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    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.

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    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.

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    Enforcement

    HK Court Convicts Ex-Sunway Employee for Money Laundering

    By Sanday Chongo Kabange | 06/08/2024

    The former PA helped his boss to launder HK$125mn that was unlawfully obtained through loans from HK-listed Sunway Intl Hldgs.

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    Capital / Liquidity

    HKMA Confirms Plans to Simplify Three-Tier Banking System

    By Manesh Samtani | 06/08/2024

    Deposit-taking companies will have a five-year transition period to meet a HK$100mn capital requirement, compared to HK$25mn.

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    Fintech / Regtech

    PBOC, HKMA Sign Cooperation Framework for Payments Linkage

    By Editors | 04/08/2024

    The cooperation framework will enable the Chinese and Hong Kong authorities to link their fast payment systems.

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    Securities / Derivatives

    Stock Connect: 2nd Phase of Market Data Changes Set to Take Effect

    By Manesh Samtani | 03/08/2024

    Investors participating in Stock Connect from Hong Kong will no longer be able to calculate net flows at the end of each trading day.

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    Crypto / Digital Assets

    Futu Launches Crypto Services for Hong Kong Retail Investors

    By Editors | 03/08/2024

    Futu Securities International is the first online broker in Hong Kong to offer crypto trading services to retail investors.

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    AML / KYC

    HK Banks Extend Fraud Alerting Service to Counter Transactions

    By Editors | 02/08/2024

    HKMA said customers will receive fraud risk alerts regardless of whether a transfer is conducted at a branch or through online channels.

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    Sanctions

    OFAC Sanctions More Houthi Procurement Facilitators

    By Editors | 02/08/2024

    The sanctions target “key actors” located in China, Hong Kong, and Yemen who have “directly supported” the Houthis’ weapons procurement efforts.

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    ESG / Sustainability

    Gold Standard Carbon Credits Debut on HKEX Carbon Marketplace

    By Editors | 02/08/2024

    Gold Standard’s Verified Emission Reductions can now be traded on the Core Climate platform. Trading fees are waived until further notice

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