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HONG KONG MONETARY AUTHORITY
HKMA Identifies Compliance Issues at Banks’ Trust Businesses
By Sanday Chongo Kabange | 08/07/2024
No instances of non-compliance were found in self-assessments, though there were 12 instances of “partial compliance”.
Market Infrastructure
HSBC Completes Pilot Trial of Cross-Boundary Credit Referencing
By Sanday Chongo Kabange | 03/07/2024
HSBC is one of the first banks to successfully participate in the newly-launched cross-boundary credit referencing initiative led by the HKMA and the PBOC.
Market Infrastructure
China, Hong Kong Pilot Cross-boundary Credit Referencing
By Sanday Chongo Kabange | 01/07/2024
The MoU between the HMKA and PBOC on cross-boundary commercial credit data connectivity is “essential” for healthy development of the banking sector.
Market Infrastructure
HKMA, PBOC To Establish Cross-border Payment Link
By Sanday Chongo Kabange | 01/07/2024
The cross-boundary payment and settlement scheme will enhance economic activities between Hong Kong and the Mainland.
Crypto / Digital Assets
HKMA, BDF To Collaborate on Cross-border CBDC Experiments
By Sanday Chongo Kabange | 28/06/2024
The HKMA and BDF will collaborate on cross-border transfers and settlement of tokenised assets.
HKMA, IA Identify Issues With Premium Financing Practices
By Editors | 27/06/2024
A joint inspection exercise was conducted to assess compliance with new standards for premium financing that were implemented on 1 January 2023
Crypto / Digital Assets
Hong Kong FIs Keen on DeFi and Metaverse: AoF Reports
By Sanday Chongo Kabange | 26/06/2024
HKMA said FIs are interested in exploring opportunities brought by DeFi and metaverse as they expand involvement in virtual assets.
Hong Kong Revises Banking Code of Practice for Marketing Calls
By Sanday Chongo Kabange | 25/06/2024
The code sets out limits on the frequency of person-to-person marketing and confines the hours of making such calls, among other revisions.
AML / KYC
HKMA Issues Guidance for Banks on Handling ‘Bogus’ Calls
By Sanday Chongo Kabange | 25/06/2024
The HKMA has directed banks to review and step up measures to protect consumers from “bogus” telephone calls purporting to be from banks.
Capital / Liquidity
HKMA Consults on Revised Credit Risk Mitigation Guidelines
By Mark Johnston | 24/06/2024
The revised SPM module is expanded compared to the 2001 version, aimed at strengthening banks’ management of collateral or guarantees.
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