HONG KONG MONETARY AUTHORITY

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    HKAB, DTCA Issue Revised Banking Code of Practice

    By Sanday Chongo Kabange | 08/12/2023

    Banks are expected to achieve full compliance with the new Code within 6 months. More time is given for provisions involving complex system changes.

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    IA, HKMA Start New Inspections on Use of Premium Financing

    By Sanday Chongo Kabange | 07/12/2023

    The IA and HKMA will assess compliance with new standards on the use of premium financing for life policies.

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    Fintech / Regtech

    HKMA, BOT Launch Cross-border QR Payment Linkage

    By Editors | 05/12/2023

    Travellers from Thailand and Hong Kong can make retail payments by using their mobile banking apps to scan the Hong Kong and Thai QR codes displayed by merchants.

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    ESG / Sustainability

    HKMA Sets Standards for Sale of Green & Sustainable Investment Products

    By Sanday Chongo Kabange | 30/11/2023

    Registered institutions that sell and distribute green and sustainable investment products have 12 months to comply.

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    AML / KYC

    HKMA Fines Local Branch of CA Indosuez for AMLO Breaches

    By Sanday Chongo Kabange | 30/11/2023

    The HKMA fined CA Indosuez’s Hong Kong branch for failing to continuously monitor business relationships with some clients.

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    AML / KYC

    HKMA Launches New Service to Alert FPS Users of Potential Fraud

    By Sanday Chongo Kabange | 29/11/2023

    The new alert mechanism will alert banking customers when an FPS proxy ID is flagged as “High Risk” on the Scameter search engine.

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    AML / KYC

    HK Police, Banks Inaugurate New “Anti-Deception Alliance”

    By Editors | 27/11/2023

    Through the Alliance, ten participating banks will work alongside the police to provide real-time assistance in detecting, disrupting and deterring scams.

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    Fintech / Regtech

    HKMA, Abu Dhabi FSRA to Enhance Fintech Collaboration

    By Sanday Chongo Kabange | 23/11/2023

    The regulators will explore PoC projects to connect HKMA’s CDI platform to ADGM’s SME Financing Platform.

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    Fintech / Regtech

    HKEX Launches New IPO Settlement Platform

    By Manesh Samtani | 23/11/2023

    The platform, known as FINI, shortens the IPO settlement cycle from five days to two days, lowering risks for issuers and investors.

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    Market Infrastructure

    HKMA Considers How Banks Will Support Stock Trading During Typhoons

    By Sanday Chongo Kabange | 21/11/2023

    Banks would need to upgrade their systems to cope with a “potential new clearing arrangement for cheque payments”.

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