HONG KONG MONETARY AUTHORITY

    ESG / Sustainability

    Hong Kong Plans Measures to Lure ESG, Fintech Talent

    By Editors | 06/09/2022

    The government will also dedicate resources towards providing training aimed at developing local ESG talent. Applications for a fintech subsidy scheme will open on 10 September.

    Market Infrastructure

    CSRC Unveils Plans to Further Expand Stock Connect

    By Manesh Samtani | 05/09/2022

    More companies will be added to Stock Connect and Hong Kong will introduce treasury bond futures and a special counter for yuan stocks.

    Hong Kong Targets Removal of Hotel Quarantine Requirement

    By Editors | 05/09/2022

    Chief Executive John Lee is leaning towards scrapping hotel quarantine before a November summit of global bankers and the Hong Kong Rugby Sevens tournament.

    HKMA Introduces New Rules for Banks Offering BNPL Products

    By Manesh Samtani | 05/09/2022

    Banks that engage or partner with third-party service providers when launching BNPL products will be held accountable for the actions of those providers.

    Securities / Derivatives

    New Guidance Issued on HKMA Funds Certification

    By Editors | 02/09/2022

    The guidance is intended to help funds and their auditors prepare the necessary reports needed to obtain carried interest tax concessions.

    Fintech / Regtech

    SFC Finds Deficiencies in Investment Services Offered Online

    By Sanday Chongo Kabange | 02/09/2022

    The SFC is calling on licenced corporations to address regulatory deficiencies identified in some investment services offered online.

    Fintech / Regtech

    HKMA Issues Guidance on Managing Cloud Computing Risks

    By Manesh Samtani | 02/09/2022

    Banks’ agreements with CSPs should ensure the HKMA can access information stored in the cloud and relevant risk management controls for on-site examinations.

    Fintech / Regtech

    HKMA to Launch API Link from CCRA to CDI in Q4

    By Manesh Samtani | 01/09/2022

    Banks are encouraged to access credit data in the CCRA database via the CDI, to help them automate credit approvals and enhance efficiency.

    AML / KYC

    HKMA Warns of Deposit Scams Being Used by Fraudsters

    By Editors | 30/08/2022

    Fraudsters claiming to be financial advisors are soliciting deposits in unknown foreign banks by promising high deposit rates.

    Enforcement

    HKMA Fines Commerzbank for CDD & PEP Screening Failures

    By Editors | 29/08/2022

    The HKMA found control lapses in onboarding due diligence as well as ineffective procedures for determining whether beneficial owners were PEPs.

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