Hong Kong Monetary Authority

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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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    Crypto / Digital Assets

    HSBC Completes 3 PoC Use Cases in Project Ensemble Sandbox

    By Sanday Chongo Kabange | 30/08/2024

    The three PoC use cases involve digital bonds, interbank transfers of tokenised deposits, and eBL settlement via tokenised deposits.

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    Crypto / Digital Assets

    HKMA Launches New Sandbox for Tokenised Asset Transactions

    By Sanday Chongo Kabange | 29/08/2024

    The Project Ensemble Sandbox will facilitate interbank settlement using tokenised money for transactions involving tokenised assets.

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    Big Picture

    HKMA Highlights Power of AI to Mitigate Greenwashing Risk

    By Manesh Samtani | 28/08/2024

    HKMA published a bulletin offering guidance to FIs on the use of AI-powered ESG tools to help manage climate greenwashing risk.

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    Fintech / Regtech

    HKMA Announces New Data Linkage to Boost SME Finance

    By Sanday Chongo Kabange | 27/08/2024

    Banks can access information on SMEs from Hong Kong’s Companies Registry via HKMA’s CDI platform.

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    Crypto / Digital Assets

    AIIB Becomes First in Asia to Issue Digital Note via Euroclear

    By Ranamita Chakraborty | 27/08/2024

    The digital securities raised $300mn for AIIB’s sustainable development bond programme, with clearing possible through HKMA’s CMU and SIX.

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