Hong Kong

AML / KYC

ASIFMA Offers Hong Kong Guidance on Common KYC Practices

By Editors | 22/04/2020

The guidance on account opening and KYC refresh is based on practices employed at 15 banks in Hong Kong that have a strong global and regional footprint.

Capital / Liquidity

Hong Kong’s Banking Exposure Limit Rules: Implementation Challenges

By Gregory Achache | 21/04/2020

Many banks have merely instituted stopgap measures and temporary manual solutions to comply with BELR so far, say Synpulse’s Gregory Achache and Tim Alvner.

AML / KYC

SFC Fines BOCOM International Securities for “Serious” Breaches

By Editors | 20/04/2020

The brokerage did not have effective controls to identify third party deposits, and “extensive deficiencies” were found in its handling of margin lending and margin calls.

AML / KYC

Hong Kong: SME Director Gets 44 Months Jail for Loan Fraud

By Editors | 20/04/2020

The SME director was sentenced for conspiring to defraud five banks, the Trade and Industry Department, and the Hong Kong Mortgage Corporation.

HKMA, Banks to Launch Debt Payment Holiday Scheme for Corporates

By Editors | 18/04/2020

All corporate customers with annual turnover under HK$800mn and with no outstanding loan payments more than 30 days overdue are eligible for the principal payment holiday.

Securities / Derivatives

SFC Seeks Certainty on ETF Market Making Continuity

By Editors | 18/04/2020

ETF management companies should procure more than one market maker, or secure arrangements for alternative market makers to quickly step in if there is a disruption.

Hong Kong Expands 100% Loan Guarantee Scheme Ahead of Launch

By Editors | 17/04/2020

Administered by HKMC Insurance, the Special 100% Loan Guarantee Scheme has been expanded to total guarantees of HK$50bn, alongside a doubling of the per-enterprise loan limit.

AML / KYC

SEBI Seeks Details on UBOs of Chinese, Hong Kong FPIs

By Editors | 16/04/2020

Prompted by the PBOC raising its stake in HDFC to over 1%, SEBI is reportedly concerned that Indian companies may face takeover threats from Chinese investors.

Fintech / Regtech

‘Mox Bank’ Becomes Latest Virtual Bank to Launch HK Pilot

By Editors | 12/04/2020

‘Mox Bank’ – backed by Standard Chartered, PCCW, HKT and Trip.com – has become the third virtual bank to launch pilot services in Hong Kong.