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Enforcement
SFC Fines HSBC HK$2.1m for Phone Recording Failures
By Editors | 11/09/2019
Voice recording was inadvertently not enabled on some private banking service lines, resulting in over 5,800 client order instructions not being tape-recorded.
AML / KYC
SFC Asks Licensed Firms to Bolster AML/CTF Compliance
By Editors | 09/09/2019
Following the release of the FATF mutual evaluation report for Hong Kong, the SFC has highlighted key work areas for licensed firms and their associated entities.
Market Infrastructure
SFC Launches ‘Key Risk Indicator’ Reporting Platform
By Editors | 02/09/2019
Initially, licensed corporations of 22 global FIs will have to submit data relating to their operations, conduct issues and prudential risk exposures on a monthly, quarterly and yearly basis.
AML / KYC
HKMA Issues Clarification on Non-Face-to-Face Onboarding
By Editors | 24/08/2019
In line with SFC requirements, the HKMA says banks need not re-verify a client’s identity when opening an investment account if they’ve already done so for bank account opening.
Market Infrastructure
SFC Highlights Liquidity Risk Management Deficiencies at Funds
By Editors | 24/08/2019
The SFC asks fund managers to review their current policies, procedures, systems and processes and take immediate action to rectify any inadequacies or deficiencies.
Enforcement
HK Court Orders Confiscation of HK$1.46m from Former UBS Exec
By Editors | 21/08/2019
The case relates to the 2017 conviction of a former UBS associate director for accepting over HK$1.4mn in bribes from a Shenzhen-based client.
Enforcement
SFC, ICAC Formalise Cooperation Arrangement with MoU
By Editors | 20/08/2019
The MoU covers case referrals, joint investigations, the exchange and use of information, mutual provision of investigative assistance, and capacity building.
Securities / Derivatives
HKEX Proposes Changes to Pre-Open Session, Volatility Controls
By Editors | 19/08/2019
The proposals aim to improve market liquidity and global competitiveness of the Hong Kong market, HKEX says in a new consultation paper.
Enforcement
SFC Fines Sincere Securities for Internal Control Failings
By Editors | 16/08/2019
The SFC and an independent reviewer identified deficiencies across 14 areas of Sincere Securities’ business operations and internal controls, resulting in a fine of HK$5mn.
Enforcement
SFC Imposes Lifetime Ban on Former UBS Adviser
By Editors | 06/08/2019
More than 10 years ago, the adviser accepted HK$1.4m in bribes from a client, paid at a rate of 20% of portfolio gains.
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