Hong Kong

AML / KYC

HK, China Working to Simplify Cross-border Account Opening

By Editors | 15/03/2021

Regulators are reportedly working to simplify cross-border bank account opening processes to facilitate the launch of Wealth Management Connect.

AML / KYC

SFC Fines Sino-Rich Securities & Futures for AML Breaches 

By Editors | 15/03/2021

Sino-Rich Securities & Futures routinely processed 238 cash deposits and 269 third party transfers without adequate AML/CTF controls in place.

Securities / Derivatives

HKEX Sets 12 April Launch for Derivatives VCM, POS Enhancements

By Editors | 14/03/2021

From 12 April, the VCM will allow multiple triggers per session, and a random cutoff mechanism will be introduced in the pre-opening and pre-open allocation sessions.

Securities / Derivatives

HKEX Launches New China, Taiwan Index Options Contracts

By Editors | 14/03/2021

The new options contracts aim to meet the trading and hedging needs of investors with exposures to large and mid-cap companies in China and Taiwan.

AML / KYC

HK Court Sentences Two for Mortgage Fraud, Money Laundering

By Ranamita Chakraborty | 13/03/2021

A ICAC investigation found that two former employees of a law firm defrauded licensed money lenders of mortgage loans totalling HK$20mn.

Enforcement

ICAC Charges Former AIA Employees for Fraud

By Editors | 11/03/2021

A former district manager and former insurance agent jointly face three counts of fraud for allegedly deceiving AIA into paying them commissions for three insurance policies.

AML / KYC

HK: BNO Passports May Not be Used for Early MPF Withdrawal

By Editors | 11/03/2021

MPF scheme members cannot rely on a BN(O) passport or its associated visa as evidence in support of an application for early withdrawal of MPF.

AML / KYC

Travel Restrictions Holding Up Wealth Management Connect

By Manesh Samtani | 10/03/2021

PBOC official Bai Hexiang said the Wealth Management Connect scheme can be implemented once people can travel freely between Hong Kong, Macau and the mainland.

Market Infrastructure

HKMA Issues Guidance for Bond Connect FX Settlement Banks

By Editors | 09/03/2021

Hong Kong FX Settlement Banks should ensure that FX conversion and hedging transactions arise from “genuine and reasonable” Bond Connect investment needs.