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Fraud, Scams & Cybercrime
HKMA Asks StanChart to Investigate Unauthorised Card Transactions
By Editors | 18/12/2022
Standard Chartered has said there is no evidence of a data leak, that it would arrange refunds, and that it has strengthened its monitoring systems in response.
Structural Regulation
Hong Kong Names Julia Leung as New SFC Chief
By Editors | 16/12/2022
Julia Leung will become CEO of the SFC on 1 January following Ashley Alder’s departure to become the UK FCA’s new chair.
Conduct, Culture & Accountability
HKMA Finalises Code of Conduct Requirements for Banks
By Editors | 12/12/2022
Banks have until 1 July 2023 to ensure their Code of Conduct and internal control systems are consistent with the revised SPM module.
Reporting & Disclosures
HKMA Issues Guidance for Banks on Reducing Greenwashing Risks
By Editors | 12/12/2022
The guidance is based on thematic examinations at banks, conducted to ensure they proper systems and control in place to manage their green and sustainable products.
Anti-Money Laundering
Hong Kong Legislative Council Passes AML/CTF Amendment Bill
By Manesh Samtani | 08/12/2022
New licensing regime for VASPs will start on 1 June 2023. New registration regime for precious metals dealers will start on 1 April 2023.
Structural Regulation
HKTR Announces Transitional Arrangement to Accommodate UTI Reporting
By Editors | 05/12/2022
Due to different UT adoption timelines across jurisdictions, reporting entities are allowed to report the UTI in any of the data fields of “UTI-USI”, “UTI-TID” or “Global UTI”.
Reporting & Disclosures
The Legal and Regulatory Risks of ESG “Greenwashing” in Hong Kong
By Stephanie Tsui | 02/12/2022
Stephanie Tsui and Mark Lin at Hogan Lovells discuss the legal framework and tools available in Hong Kong to combat greenwashing behaviour.
Data Privacy
Hong Kong Launches Platform to Accommodate Multiple CRAs
By Manesh Samtani | 29/11/2022
The Credit Reference Platform is a key step towards introducing multiple CRAs in Hong Kong, a plan set into motion by TransUnion’s 2018 data breach.
Cybersecurity
HKMA Issues Guidance on Protecting Against DDoS Attacks
By Editors | 28/11/2022
The guidance focuses on risk assessment, anti-DDoS control architecture, third party governance, and incident response and escalation.
Stablecoins
HKMA Report Assesses Spillover Risk from Asset-Backed Stablecoins
By Mark Johnston | 28/11/2022
The report finds that failures of stablecoins or other crypto assets pose material impacts on the traditional financial system such as the money market.
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