HONG KONG MONETARY AUTHORITY

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    Securities / Derivatives

    Hong Kong Market Will Stay Open During Typhoons Starting Monday

    By Manesh Samtani | 20/09/2024

    Market participants accounting for 99.9% of the securities market and all derivatives participants have declared they are fully prepared for the reform.

    Market Infrastructure

    US, Hong Kong Cut Rates for the First Time in Four Years

    By Manesh Samtani | 19/09/2024

    The last time the US Federal Reserve and HKMA lowered their benchmark interest rates was during the early days of the Covid-19 pandemic in 2020.

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    ESG / Sustainability

    HKICPA Consults on Exposure Drafts to Adopt ISSB Standards

    By Manesh Samtani | 19/09/2024

    The exposure drafts are open for consultation until 27 October. The standards will be finalised by end 2024 and take effect on 1 August 2025.

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    Market Infrastructure

    Hong Kong, Macao to Establish Bond Market Infrastructure Link

    By Sanday Chongo Kabange | 17/09/2024

    Investors in Hong Kong and Macao will be able to clear, settle and hold bonds in each other’s markets using their existing home market infrastructure.

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    ESG / Sustainability

    HKMA, DFSA to Deepen Collaboration on Sustainable Finance

    By Sanday Chongo Kabange | 17/09/2024

    The HKMA and DFSA signed an MoU to deepen cross-border dialogue, information exchange and joint research on sustainable finance.

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    AML / KYC

    HKMA Issues Guidance on Using AI to Enhance AML Monitoring

    By Sanday Chongo Kabange | 10/09/2024

    Banks will have to assess the feasibility of adopting AI in their ML/TF monitoring systems and then formulate and submit an implementation plan to HKMA by end March 2025.

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    Enforcement

    HKMA Suspends Ex-Hang Seng Bank Employee for Dishonest Conduct

    By Sanday Chongo Kabange | 09/09/2024

    The HKMA suspended a former Hang Seng Bank relevant individual for fabricating a client’s signature on a time deposit application form.

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    Capital / Liquidity

    Hong Kong Banks Pledge to Provide Continued Support to SMEs

    By Manesh Samtani | 06/09/2024

    14 banks committed to replying customers about credit approval reviews within one month and about mortgage loan application outcomes within 14 days.

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    Capital / Liquidity

    HKMA Consults on Guidance for Basel III Reform Package

    By Manesh Samtani | 04/09/2024

    The guidance covers certain requirements relating to the rules on operational risk capital, exposure limits and LCR calculation.

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    AML / KYC

    HKMA Fines WeChat Pay for AML Control Deficiencies

    By Sanday Chongo Kabange | 02/09/2024

    WeChat Pay had control deficiencies in its process for undertaking CDD reviews and applying EDD measures.

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