Hong Kong Monetary Authority

KYC & CDD

HKMA Issues Circular on Changes to Tax Reporting Jurisdictions

By Sanday Chongo Kabange | 08/08/2024

The HKMA said banks are expected to treat customers fairly and minimise their burden when reporting their tax information.

Cryptocurrency

Mox Becomes First HK Virtual Bank to Offer Crypto ETFs

By Sanday Chongo Kabange | 08/08/2024

Mox customers can invest in bitcoin and ether ETFs listed in Hong Kong and the US via the bank’s mobile app.

Structural Regulation

HKMA Consults on Renaming ‘Virtual Banks’ as ‘Digital Banks’

By Sanday Chongo Kabange | 07/08/2024

HKMA also published the results of its review of the industry, saying the requirement for virtual banks to primarily deliver retail banking services will be removed.

Anti-Money Laundering

HKMA Expands FINEST Platform to Ten Participating Banks

By Editors | 07/08/2024

HKMA’s Raymond Chan said the proposal to expand FINEST to allow sharing of personal account information received broad support.

Cybersecurity

HKMA Looks to Bolster Internal Cybersecurity Capabilities

By Manesh Samtani | 07/08/2024

HKMA is planning to deploy a new solution to help it identify “assets, vulnerabilities, and potential entry points that could be targeted by attackers” and manage its attack surface.

Structural Regulation

HKMA Confirms Plans to Simplify Three-Tier Banking System

By Manesh Samtani | 06/08/2024

Deposit-taking companies will have a five-year transition period to meet a HK$100mn capital requirement, compared to HK$25mn.

Payments & Settlements

PBOC, HKMA Sign Cooperation Framework for Payments Linkage

By Editors | 04/08/2024

The cooperation framework will enable the Chinese and Hong Kong authorities to link their fast payment systems.

Fraud, Scams & Cybercrime

HK Banks Extend Fraud Alerting Service to Counter Transactions

By Editors | 02/08/2024

HKMA said customers will receive fraud risk alerts regardless of whether a transfer is conducted at a branch or through online channels.

Data Privacy

HKMA Sets Expectations for CRA’s Exit from ‘Credit Data Smart’

By Sanday Chongo Kabange | 01/08/2024

Credit reference agency Nova Credit Limited has decided to cease operations and exit the new credit reference platform known as Credit Data Smart.