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Fraud, Scams & Cybercrime
Hong Kong: ICAC Charges Three Over Mortgage Fraud
By Editors | 27/04/2022
A property buyer and two estate agents understated the purchase price so the mortgage would be subject to a lower LTV cap.
Anti-Money Laundering
FIs Must Continue to Innovate Approach to AML: HKMA
By Manesh Samtani | 27/04/2022
Executive director Carmen Chu says work is underway to update HKMA’s guidance on name screening, transaction monitoring and suspicious transaction reporting.
Cybersecurity
HKMA Launches Knowledge Hub to Promote RegTech Adoption
By Editors | 26/04/2022
The Hub’s launch is accompanied by videos featuring regtech solutions from HSBC, Citibank, iFinHealth, Ping An OneConnect Bank and ASTRI.
Capital Adequacy
HK to Implement Capital Standard for Banks’ Fund Exposures
By Editors | 26/04/2022
The capital standard for banks’ equity investments in funds is expected to come into operation in Hong Kong on 1 July 2022.
Conduct, Culture & Accountability
HKMA to Develop Additional Safeguards for Bank Customers
By Manesh Samtani | 20/04/2022
A fresh review of the Banking Code of Practice has been launched, covering information disclosure, customers’ finance management, and dispute handling.
Cryptocurrency
Hong Kong is Moving to a Robust Regulatory Framework for Crypto
By Etelka Bogardi | 19/04/2022
Etelka Bogardi and Amy Chung say Hong Kong’s efforts to regulate the crypto sector and stablecoin market are on the whole in line with international trends while leaving room for further development.
Payments & Settlements
HKMA Asks Banks to Help Reactivate Dormant Mainland Accounts
By Editors | 18/04/2022
Hong Kong customers are facing difficulties reactivating their Mainland accounts due to travel restrictions preventing them from visiting the banks’ branches in person.
CBDCs
PwC Publishes 2022 Rankings of Global Retail, Wholesale CBDCs
By Sanday Chongo Kabange | 14/04/2022
The highest ranking retail CBDC projects were from Nigeria, the Bahamas, and China. The highest ranking wholesale CBDC projects were from Thailand, Hong Kong and Singapore.
ESG Data
Hong Kong Launches Climate Risk Data Source Repository
By Editors | 06/04/2022
The repository contains a set of available data sources to help FIs manage climate-related risks and set climate-related goals and strategies.
Credit Risk
HMKA, IA Issue Rules on Use of Premium Financing in Insurance
By Mark Johnston | 06/04/2022
The rules will promote better disclosures and facilitate informed decision-making by customers who intend to use premium financing for life policies.
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