HONG KONG MONETARY AUTHORITY

AML / KYC

HKMA Issues Guidance on Remote Onboarding of Corporate Clients

By Editors | 25/09/2020

Onboarding processes should be designed reflecting the principle that CDD is not merely a document collection exercise, the HKMA says.

Securities / Derivatives

Riding the Tech Wave in a Volatile Derivatives Market

By John Omahen | 23/09/2020

A surge in trading volumes has highlighted the need for brokerage firms to re-engineer their businesses for the future, writes John Omahen at FIS.

AML / KYC

HKMA Issues Revised AML/CFT Guideline for SVF Licensees

By Editors | 20/09/2020

SVF licensees are given until 2 July 2021 to implement appropriate measures consistent with the revised guideline, which includes guidance on remote on-boarding.

Enforcement

SFC Fines BEA for 13 Year Failure to Segregate Client Securities

By Editors | 17/09/2020

There was no evidence of client loss as a result of BEA’s regulatory breaches, and the bank has undergone remedial actions to enhance its internal systems and controls.

HKMC Annuity Launches Video-Conferencing Application Service

By Editors | 17/09/2020

In a pilot run approved by the Insurance Authority under the Insurtech Sandbox, customers can apply for HKMC Annuity plans through video-conferencing.

Market Infrastructure

Data, Technology Crucial for New Normal, LIBOR Transition

By Bing Li | 15/09/2020

The LIBOR transition opens the door to a fundamental rethink of the use of data and technology, and how firms provide products and services to customers, says Bloomberg’s Bing Li.

Capital / Liquidity

HKMA Published Revised SPM on Non-Cleared OTC Derivatives

By Editors | 14/09/2020

Banks currently in scope of the margin requirements and risk mitigation standards have until 1 September 2021 to comply wth the revised supervisory policy manual.

AML / KYC

Leveraging Data & Tech in Financial Crime Compliance

By Manesh Samtani | 14/09/2020

The pandemic has been an agent for accelerated change in operational and frontline functions. Financial crime compliance teams need to get in on the act.

Fintech / Regtech

Mox Bank Launches Virtual Banking Services in Hong Kong

By Manesh Samtani | 09/09/2020

Mox Bank, backed by Standard Chartered, PCCW, HKT and Ctrip Financial, is first opening accounts for its 20,000 pre-registrants before it opens to the rest of the public.