HONG KONG MONETARY AUTHORITY

HKMA Directs Banks to Use Name Matching in Fund Transfers

By Editors | 21/12/2021

Banks are directed to perform name matching for fund transfers over HKD 10,000 to reduce the chance of error inputs by customers.

Market Infrastructure

HKMA Directs Banks to Observe Latest FX Global Code

By Mark Johnston | 21/12/2021

Banks are expected to review their practices to ensure observance of the FX Global Code and renew the Statement of Commitment by 15 July 2022.

AML / KYC

HKMA Fines ePaylinks Technology for AML/CTF Breaches

By Editors | 20/12/2021

SVF licensee ePaylinks had deficiencies in its transaction monitoring and name screening systems, and failed to take enhanced measures in high risk situations.

Market Infrastructure

HKMA Sets Targets for Launch of New Credit Reference Platform

By Manesh Samtani | 19/12/2021

The new platform will serve as an interface for credit providers and CRAs to share credit data, as Hong Kong prepares to introduce additional CRAs in the city.

ESG / Sustainability

HK Steering Group Announces Next Steps in Green Transition

By Editors | 18/12/2021

HKMA to develop new ECF module on Green and Sustainable Finance. Steering Group to explore local taxonomy and voluntary carbon market.

Market Infrastructure

HKMA, SFC Consult on Calculation Periods for OTC Derivatives Clearing

By Editors | 16/12/2021

The existing list of calculation periods will be exhausted in about one year’s time. The HKMA and SFC propose to add eight similar calculation periods to the clearing rules.

HKMA Raises Concerns Over Outside Mandates of Bank Directors

By Manesh Samtani | 16/12/2021

Banks have to report all outside mandates held by each director and chief executive, and address any conflicts of interest and time commitment issues.

ESG / Sustainability

PBOC Reiterates Commitment to Hong Kong Financial Centre

By Sanday Chongo Kabange | 13/12/2021

Key areas of collaboration to enhance Hong Kong’s roles as an international financial centre include CBDC, regtech, green finance development.

Fintech / Regtech

HK Associations Published Revised Code of Banking Practice

By Editors | 13/12/2021

Banks are expected to achieve full compliance with the new provisions within six months. The Code is endorsed by the HKMA.