Hong Kong Monetary Authority

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    Clearing & Post-Trade

    HK to Amend Clearing Rules to Account for IBOR Reforms

    By Editors | 13/03/2023

    Mandatory clearing will be required for certain OTC transactions referencing ARRs rather than for those referencing IBORs that are being discontinued.

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    Anti-Money Laundering

    HKMA Issues New AML/CFT Guidance for Private Banks

    By Manesh Samtani | 08/03/2023

    Guidance is offered to reduce the burden on legitimate private banking customers trying to use banking services in Hong Kong.

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    Structural Regulation

    Hong Kong Appoints Ex-Regulators to HKEX Board

    By Editors | 02/03/2023

    Former HKMA chief Joseph Yam and ex-SFC chairman Carlson Tong have been appointed as board directors for HKEX.

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    Trading & Investment

    HKMA Offers Guidance on Streamlining Investment Sales Process

    By Editors | 28/02/2023

    The HKMA said “misunderstandings” on the regulatory standards that may have may have lengthened investment product selling processes.

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    Tokenisation

    Hong Kong Issues First-of-its-kind Tokenised Green Bond

    By Editors | 17/02/2023

    Financial Secretary Paul Chan said the issuance demonstrates Hong Kong’s strengths in combining bond market, green and sustainable finance, and fintech.

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    KYC & CDD

    Banks Should Use CDI to Streamline KYC, Credit Processes: HKMA

    By Editors | 16/02/2023

    Banks with material SME business are expected to complete their technical connection to the CDI and CCRA@CDI before the end of this year.

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    Anti-Money Laundering

    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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    Stablecoins

    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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    KYC & CDD

    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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    KYC & CDD

    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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