Hong Kong Monetary Authority

Anti-Money Laundering

Commerzbank Fined in Germany for AML Violations

By Mark Johnston | 24/04/2024

BaFin said Commerzbank was slow to update customer data and inadequately applied enhanced due diligence requirements.

Credit Risk

Hong Kong Launches New ‘One-Stop’ Platform for SMEs

By Sanday Chongo Kabange | 23/04/2024

The new ‘one-stop SME platform’ enables SMEs to “shop around” for lending services offered by the major banks.

Cybersecurity

HKMA Proposes Revisions to E-banking Risk Management Requirements

By Manesh Samtani | 22/04/2024

HKMA’s revised SPM Module incorporates additional requirements on electronic banking security and expands the obligations to payment card transactions.

Anti-Money Laundering

HKMA Fines Hua Nan Commercial Bank Over AML/CFT Controls

By Editors | 22/04/2024

HKMA identified deficiencies in the bank’s ability to continuously monitor some customer relationships over a six-year period.

Trading & Investment

SFC, HKMA Find Deficient Practices in Investment Product Sales

By Manesh Samtani | 19/04/2024

A thematic review highlighted issues with product due diligence methodologies and a lack of understanding of certain structured products.

Data Privacy

HKAB Sets Launch Date for New Credit Reference Platform

By Sanday Chongo Kabange | 19/04/2024

The new credit reference platform, known as ‘Credit Data Smart’, will start service on 26 April. Three CRAs are contributing data.

Anti-Money Laundering

HKMA Offers New Guidance on Transaction Monitoring

By Manesh Samtani | 17/04/2024

The guidance is based on a thematic review of TM systems, which also explored how FIs adopt artificial intelligence to optimise performance.

Cloud & Infrastructure

HKMA Issues Risk Management Guidance for DLT Adoption

By Sanday Chongo Kabange | 17/04/2024

The guidance covers DLT network and smart contract design and governance, the associated risks, and the need for interoperability.

Capital Adequacy

HKMA Consults on Revisions to Bank Disclosure Guidelines

By Editors | 10/04/2024

The revisions are related to the implementation of the Basel III final reform package. The consultation is open until 7 May 2024.