An HKMA investigation found that JPMorgan Hong Kong failed to establish and maintain effective controls for handling wire transfers, conducting CDD and monitoring business relationships.
December 30, 2018First phase of bank culture self-assessments will cover about 30 institutions, including all major retail banks and selected foreign bank branches.
December 20, 2018The HKMA advises banks to start considering the system changes necessary to implement the Basel Committee's latest Pillar 3 disclosure requirements.
December 19, 2018Authorised institutions should be ready to measure and report IRRBB exposures using the new standardised framework by 1 July 2019.
December 17, 2018Years of prudent macroeconomic policies and robust financial regulation and supervision will help Hong Kong weather possible domestic and external shocks, the IMF says.
December 12, 2018The HKMA has provided an update on the processing of virtual banking applications, saying it will shortlist one-third of remaining applicants with an aim to granting licences in Q1 2019.
December 10, 2018The HKMA and privacy commissioner have demanded security improvements after reporters were able to access top officials' credit reports through TransUnion's online service.
December 3, 2018While a number of legal barriers on reporting and accessing of trade data have been removed, some still remain. China’s position on trade data access remains uncertain.
November 22, 2018The FSB found progress in OTC reform implementation on among 24 member jurisdictions, with great strides on trade reporting and higher capital on non-centrally cleared derivatives.
November 21, 2018New rules governing bank TLAC holdings, concentration risk in sovereign exposures have been gazetted and will be presented before LegCo on 21 November.
November 19, 2018