The 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, 2022New practice note offers guidance on governance, outsourcing, internal controls, technology risk, and business conduct, among other areas.
March 28, 2022The case involved control deficiencies in respect of 33 Financial Services Limited's transaction monitoring and name screening systems, the HKMA said.
January 17, 2022SVF licensee ePaylinks had deficiencies in its transaction monitoring and name screening systems, and failed to take enhanced measures in high risk situations.
December 21, 2021The HKMA flagged issues related to risk assessments, business partner arrangements, customer risk assessments, and transaction monitoring.
September 28, 2021Amendments due to take effect from 1 July will enable users of e-payment services and stored-value facilities to transfer money across platforms.
May 28, 2021Access to Australia's real-time payments system will enable TransferWise to reduce foreign exchange fees and wholesale banking costs.
December 1, 2020Authorised institutions and SVF licensees should conduct appropriate risk assessments to differentiate the risks of the individual virtual asset service providers they deal with, the HKMA says.
December 17, 2019Banks and SVF operators are asked to explore how technology can be used to more effectively and efficiently combat risks, including through the use of analytics in monitoring.
September 6, 2019While most of the sector presents low risk, higher risk has emerged in SVF products that allow overseas cash withdrawals, cross border remittances, and person-to-person transfers.
July 22, 2019