HONG KONG MONETARY AUTHORITY

Enforcement

HKMA Fines China CITIC Bank for Transaction Monitoring Deficiencies

By Sanday Chongo Kabange | 08/12/2024

The HKMA said 13 out of a total of 33 detection rules and two core model rules had not been implemented as intended.

Capital / Liquidity

Hong Kong Gazettes Basel III Related Codes of Practice

By Editors | 08/12/2024

One new and two amended codes of practice were gazetted and HKMA issued a revised version of its banking disclosure guidelines.

Crypto / Digital Assets

Hong Kong Announces Gazettal of Stablecoins Bill

By Sanday Chongo Kabange | 08/12/2024

The bill will implement a licensing and regulatory regime for issuers of fiat-referenced stablecoins. The first reading is set for 18 December.

Capital / Liquidity

HKMA Consults on Amendments to Hong Kong Banking Ordinance

By Manesh Samtani | 06/12/2024

Among other things, the HKMA proposes to establish a statutory regime enabling it to exercise direct regulatory and supervisory powers over holding companies of banks.

AML / KYC

Hong Kong Banks to Extend Fraud Alerting Service to ATMs

By Manesh Samtani | 06/12/2024

Starting from 8 December 2024, 22 participating banks will gradually implement the alert mechanism at their ATMs.

Capital / Liquidity

HKMA Launches New ‘Special Scheme’ to Aid Homebuyers

By Manesh Samtani | 05/12/2024

The scheme allows a higher LTV ratio and DSR limit for homebuyers who bought residential properties when prices were higher from 2021 to 2023.

Market Infrastructure

HK Banks Making ‘Good Progress’ on Operational Resilience: HKMA

By Manesh Samtani | 04/12/2024

HKMA’s Carmen Chu said all Hong Kong banks have developed the relevant frameworks and most are now conducting mapping and scenario testing exercises.

AML / KYC

HKMA Announces Two New Anti-Scam Measures for Banks

By Sanday Chongo Kabange | 04/12/2024

“Money Safe” will allow customers to segregate a portion of their deposits and protect it from fund outflows, similar to Singapore’s “Money Lock”.

Capital / Liquidity

HKMA Revises Guideline for Bank on Capital Adequacy Regime

By Editors | 03/12/2024

The revised SPM module incorporates changes to align with the Basel III final reforms which take effect from 1 January 2025.