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Enforcement
SFC Imposes Lifetime Ban on Former China Citic Bank Employee
By Editors | 26/08/2020
The former relationship manager is said to have falsely represented to customers that an additional fee was needed to open an account with CITIC – which he then pocketed.
Fintech / Regtech
Hong Kong AoF Publishes Report on AI Adoption in Banking
By Editors | 23/08/2020
The report provides insights about the risk management frameworks and overarching supervisory principles banks use when adopting artificial intelligence.
Market Infrastructure
MAS Becomes First Asian Government Entity to Issue RFR Debt
By Manesh Samtani | 19/08/2020
Singapore is seen to be leading Asia in its preparation for the cessation of LIBOR at the end-of 2021. Earlier this month, MAS announced new initiatives to catalyse SORA markets.
Capital / Liquidity
HKMA Eases LTV Rule for Commercial Real Estate Loans
By Editors | 19/08/2020
Effective from 20 August, the loan-to-value ratio cap is being raised from 40 to 50 percent. The 40 percent cap was introduced in 2009 as a market cooling measure.
AML / KYC
Risk and Reward: AI Enables Active Financial Crime Risk Assessment
By Daniel Banes | 18/08/2020
Adverse media is openly available, continually updated, and provides a wealth of information, but it remains underused in financial crime risk assessments, writes Daniel Banes.
Fintech / Regtech
Livi Bank Announces Launch of Virtual Banking Services
By Manesh Samtani | 11/08/2020
Livi Bank, backed by BOCHK, JD Digits and Jardine Matheson, has become the fourth virtual bank to open to the public in Hong Kong.
AML / KYC
China Imposes Reciprocal Sanctions Against US Officials
By Editors | 10/08/2020
“China has decided to impose sanctions on those individuals who behaved badly on Hong Kong-related issues,” said a spokesperson, without specifying what the sanctions would entail.
Fintech / Regtech
InvestHK Announced Fast Track Fintech Development Programme
By Editors | 10/08/2020
Companies from nine key fintech verticals are invited to submit applications by 31 August, for a chance to showcase their solutions to corporates and investors at Hong Kong Fintech Week.
Securities / Derivatives
HKMA Warns of Risks in Leveraged Investment Products
By Editors | 09/08/2020
Banks should take into account Covid-19 in product due diligence and client suitability assessments, and exercise caution when dealing in leveraged products.
AML / KYC
US Sanctions 11 Chinese, Hong Kong Officials
By Manesh Samtani | 08/08/2020
The HKMA says unilateral sanctions imposed by foreign governments have “no legal status” in Hong Kong and banks should endeavour to treat customers fairly.
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