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Fintech / Regtech
HKMA, Banks, Bloomberg Launch Fintech Talent Initiative
By Editors | 18/07/2022
The partners include the HKMA, FSDC, Bloomberg, Ant Group, Bank of America, BOCHK, Citi, Credit Suisse, DBS, Goldman, HKEX, HSBC, JP Morgan, and others.
Enforcement
SFC Bans Former StanChart Representative for Three Years
By Editors | 18/07/2022
The representative’s mother transferred funds into five customers’ payroll accounts to improve his work performance.
Market Infrastructure
HKEX, SFC Extend HKIDR Testing Period Until 5 August
By Editors | 18/07/2022
Firms that have not completed the mandatory E2E Test yet are reminded to complete the test “as soon as possible”.
Bringing People Back to Hong Kong an ‘Uphill Task’: FSDC Chair
By Sanday Chongo Kabange | 18/07/2022
FSDC chairman Laurence Li said Hong Kong we must not allow any “slippage” in its role as an international financial centre, and as a connector to the mainland.
Big Picture
HK Can Retain Hub Status for Alternative Asset Managers: AIMA
By Editors | 17/07/2022
Hong Kong should ensure financial services professionals can move freely, and expand Wealth Connect over time to include alternative asset classes, AIMA says.
AML / KYC
HKMA Advances Work on AML SupTech, Bank-to-Bank Data Sharing
By Darien Choong | 13/07/2022
HKMA executive director Carmen Chu discussed initiatives to enable bank-to-bank information sharing and use granular bank data to detect ML risk.
Capital / Liquidity
HKMA Issues Revised Capital Adequacy Ratio Return
By Editors | 12/07/2022
The changes are mainly to cater for banks’ reporting of equity investments in funds in accordance with the requirements that came into effect on 1 July.
AML / KYC
Hong Kong Publishes ML/TF Risk Assessment Report
By Manesh Samtani | 12/07/2022
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.
HKMA Issues Bank Guidance on Selling Protection Linked Plans
By Editors | 12/07/2022
Banks should discuss their plans for selling PLP with the HKMA and the details of pre-implementation reviews conducted by an independent party.
Market Infrastructure
HK Banks Must ‘Fully’ Participate in New Credit Reference Platform
By Manesh Samtani | 11/07/2022
The new platform, expected to be launched by year-end, will serve as an interface for lenders and CRAs to share consumer credit information.
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