HONG KONG MONETARY AUTHORITY

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    AML / KYC

    HKMA Updates Guidance on Transaction Monitoring, Screening, Reporting

    By Manesh Samtani | 10/02/2023

    A key objective of the update is to support greater use of technology to generate targeted alerts and more actionable intelligence, the HKMA said.

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    AML / KYC

    HKMA Confirms Plans to Introduce Stablecoin Regulations

    By Editors | 01/02/2023

    Stablecoins must be fully backed, redemption at par must be available at all times, and issuers must be licenced. Algorithmic stablecoins will not be accepted.

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    AML / KYC

    Westpac Fined in Hong Kong Over Delayed Customer Reviews

    By Editors | 31/01/2023

    Out of 143 customers who were subject to periodic reviews between June 2016 and May 2017, there were delays in 121 customers – of which 58 were of high risk.

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    AML / KYC

    HKMA Consults on Changes to AML/CFT Guideline for Banks

    By Manesh Samtani | 19/01/2023

    Banks must perform CDD on customers transferring virtual assets. Digital ID system iAM Smart can be used for identity verification.

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    Crypto / Digital Assets

    PBOC Starts Including CBDC Data in Monthly Statistics Report

    By Editors | 12/01/2023

    e-CNY in circulation amounted to around $2bn at the end of December, representing 0.13 percent of total currency in circulation.

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    Crypto / Digital Assets

    HK Lawmaker Proposes to Use e-HKD as Stablecoin for DeFi

    By Sanday Chongo Kabange | 11/01/2023

    LegCo member Wu Jiezhuang says using the CBDC as a government-backed stablecoin will help address virtual asset risks and enhance trust in Web3.

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    Fintech / Regtech

    Hong Kong’s Regulatory Landscape for Data and Technology Risk

    By Albert Yuen | 09/01/2023

    Albert Yuen and Jasmine Yung at Linklaters discuss Hong Kong’s regulatory approach to technology risk and data security.

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    HKMA Raises Bar on Banks’ Complaints Handling Protocols

    By Editors | 08/01/2023

    Banks are expected to proactively make use of alternate dispute resolution channels when complaints cannot be resolved through their internal mechanisms.

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    AML / KYC

    HKMA to Scale Up AML Efforts in 2023: Carmen Chu

    By Bradley Maclean | 04/01/2023

    Executive Director Carmen Chu discusses the actions the HKMA is taking to disrupt AML threats to Hong Kong, and technology initiatives that are making a difference.

    ESG / Sustainability

    HKMA Revises SPM to Embed Climate Risk in Supervisory Approach

    By Editors | 30/12/2022

    Revised SPM illustrates the HKMA’s approach to the supervision of emerging risks such as climate risk under its risk-based supervisory approach.

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