HONG KONG MONETARY AUTHORITY

AML / KYC

MAS to Consult on Scam Loss Sharing Framework in Q3

By Manesh Samtani | 09/05/2023

Senior Minister Tharman Shanmugaratnam said the framework will include obligations for telcos, not just FIs and consumers.

AML / KYC

HKMA Calls for Broader Adoption of Network Analytics by Banks

By Manesh Samtani | 09/05/2023

Around 60 percent of retail banks in Hong Kong are now deploying network analytics. Some are using this capability to file “super STRs”.

Capital / Liquidity

Hong Kong Financial System Remains Resilient: IMF Staff

By Editors | 07/05/2023

IMF staff said credit risk will “likely continue to materialise”, and banks should properly recognise and provision for credit losses, including those from Mainland property exposures.

Market Infrastructure

Regulators Announce 15 May Launch Date for Swap Connect

By Editors | 06/05/2023

Swap Connect will allow overseas investors to trade in Mainland interest rate swap contracts on CFETS via Tradeweb and Bloomberg.

Capital / Liquidity

Capital Has Not Left Hong Kong’s Financial System: HKMA

By Manesh Samtani | 04/05/2023

Deposits at Hong Kong banks grew by 1.4% in the year ending March 2023, despite some outflows from HKD assets in response to interest rate differentials.

Hong Kong Mandatory Reference Checking Regime Now in Force

By Editors | 04/05/2023

The regime requires banks to conduct mandatory reference checks to fill specified positions, to address the issue of ‘rolling bad apples’.

HKMA Set to Implement New Rules for Trust Business

By Editors | 03/05/2023

Banks must report by 15 May on whether they and/or their subsidiaries carry on trust business in Hong Kong. The new rules commence on 1 June.

Market Infrastructure

PBOC Issues Rules to Facilitate Introduction of Swap Connect

By Editors | 01/05/2023

Initially, centrally-cleared interest rate swap products will be eligible for trading under the northbound scheme. A southbound leg will be considered later.

Hong Kong Further Extends Repayment Period for Trade Loans

By Editors | 30/04/2023

Existing trade facilities falling due between May and July 2023 can be extended by a further 90 days, the HKMA said.