Hong Kong

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    Enforcement

    SFC, ICAC Arrest Five More Ramp-and-Dump Syndicate Members

    By Editors | 16/03/2023

    The arrestees include qualified accountants and senior executives of a number of Hong Kong-listed companies, the SFC and ICAC said.

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    Securities / Derivatives

    HKEX Confirms Plans to Launch RMB Counter of its Stock

    By Editors | 16/03/2023

    HKEX said the launch of RMB counter will allow investors to seamlessly interchange between securities listed in both HKD and RMB.

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    AML / KYC

    HKIMR Report Explores GBA Cross-border Payments Challenges

    By Editors | 16/03/2023

    A survey of FIs found that some GBA transactions are still processed manually. Other challenges relate to differing messaging formats, regulatory requirements and investment quotas.

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    Enforcement

    SFC Fines Brokerage for 2015 System Testing Incident

    By Editors | 14/03/2023

    I-Access Investors incorrectly used data from system testing as production data and inadvertently triggered 27 stop loss sell orders by 12 clients.

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    Market Infrastructure

    HK to Amend Clearing Rules to Account for IBOR Reforms

    By Editors | 13/03/2023

    Mandatory clearing will be required for certain OTC transactions referencing ARRs rather than for those referencing IBORs that are being discontinued.

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    Enforcement

    OFAC Cracks Down on Entities Helping Iran Evade Sanctions

    By Editors | 10/03/2023

    The sanctions target entities in China, Hong Kong, Singapore, Malaysia and elsewhere for helping Iran evade sanctions and supplying critical components for its drones.

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    Securities / Derivatives

    SFC Fines City International Futures for AML Compliance Failures

    By Editors | 10/03/2023

    City International Futures is the 6th firm to be fined over the use of software that allows Mainland investors to trade without opening a local securities account in Hong Kong.

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    Enforcement

    HK Issues Record Fine Against Unlicensed Money Service Business

    By Editors | 09/03/2023

    A Hong Kong money changer and two directors were fined for operating a money service business before their licence application was approved.

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    AML / KYC

    HK Losses from Crypto Scams Exceeded $200m in 2022

    By Editors | 08/03/2023

    Financial losses from crypto-related scams accounted for more than half of the total value lost through technology crime last year, police say.

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    AML / KYC

    HKMA Issues New AML/CFT Guidance for Private Banks

    By Manesh Samtani | 08/03/2023

    Guidance is offered to reduce the burden on legitimate private banking customers trying to use banking services in Hong Kong.

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