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Hong Kong
AML / KYC
HKMA Directs Banks to Ensure Their CDD is “Risk-based”
By Manesh Samtani | 09/02/2024
Asking customers to provide details or proof of salary, employment or investments dating back years is “not consistent” with the risk-based approach.
Crypto / Digital Assets
UBS Launches Hong Kong’s First Tokenised Warrant
By Sanday Chongo Kabange | 09/02/2024
UBS said tokenisation opens a new channel for investors to access digital structured products.
Crypto / Digital Assets
Hong Kong Proposes Regulatory Framework for OTC Crypto Venues
By Manesh Samtani | 09/02/2024
Firms providing “spot trade of any virtual assets for money” such as physical shops and ATMs would have to be licensed by the Commissioner of Customs and Excise.
Crypto / Digital Assets
HK Breaks New Ground With Digital Green Bond Issuance
By Editors | 08/02/2024
This is the first multi-currency digital bond offering in the world, and the first digitally native bond issuance in Hong Kong.
Capital / Liquidity
HKMA Consults on Capital Treatment of Cryptoasset Exposures
By Manesh Samtani | 07/02/2024
The proposals are based on the Basel standards, applying a 1,250% risk weight to so-called Group 2b cryptoassets.
Enforcement
SFC Bans Two Licensed Reps Over Bribery Convictions
By Sanday Chongo Kabange | 07/02/2024
The SFC barred two former representatives of Nerico Brothers, considering them “not fit and proper” to be licensed.
Capital / Liquidity
Hong Kong to Raise Bank Deposit Protection Limit in Q4
By Manesh Samtani | 07/02/2024
Hong Kong’s deposit protection limit will be raised from HKD 500,000 to HKD 800,000, the first increase in 13 years.
Enforcement
Hong Kong: Ex-Stanchart Banker Jailed Over Insurance Fraud
By Sanday Chongo Kabange | 06/02/2024
A former Standard Chartered Bank insurance specialist has been jailed for 20 months for premeditating a scam involving two clients and breaching the trust placed in him.
Enforcement
SFC Fines PICC Asset Management for Fund Management Failures
By Sanday Chongo Kabange | 06/02/2024
The SFC penalised PICC Asset Management for failing to discharge duties as the manager of a Cayman-incorporated fund.
Crypto / Digital Assets
Hong Kong PCPD Warns Against Worldcoin’s Free Crypto Offer
By Sanday Chongo Kabange | 05/02/2024
The PCPD raided six premises of the Worldcoin project in Hong Kong, saying the city’s privacy law may have been breached.
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