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.
February 1, 2023Besides CDD and EDD failures, the bank's risk classification framework was "defective by design" and senior management oversight was "inadequate".
September 26, 2022The SFC's Elizabeth Wong said firms that are interested in STOs are encouraged to discuss their proposals with the regulator's Fintech unit.
September 20, 2022The most prominent ML threats to banks come from fraud, corruption and tax crimes. The main ML threats to the crypto sector relate to fraud and theft.
July 12, 2022The government acknowledges that the VASP regime will be more rigorous and comprehensive than those in Singapore, UK and Japan.
June 26, 2022Etelka 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.
April 20, 2022PayPal was scheduled to suspend most services for Thai consumers from 7 March as part of a relaunch of its services to comply with local regulations.
March 8, 2022Since 2018, the steps taken by the SFC to regulate the virtual asset space have prioritised investor protection, first and foremost.
March 1, 2022Licensing will be available to companies incorporated elsewhere as long as they have a registration in Hong Kong.
February 11, 2022ICBC (Asia), UBS, CCB (Asia) and CTBC Bank were fined a combined HK$44.2mn for deficiencies in customer monitoring, periodic reviews and due diligence.
November 22, 2021