Hong Kong

Enforcement

ICAC Charges Former Dah Sing Bank Manager with Fraud

By Editors | 12/08/2020

The former financial planning manager falsely represented to a client that taking out an insurance policy was a prerequisite for opening a corporate bank account.

Fintech / Regtech

Livi Bank Announces Launch of Virtual Banking Services

By Manesh Samtani | 11/08/2020

Livi Bank, backed by BOCHK, JD Digits and Jardine Matheson, has become the fourth virtual bank to open to the public in Hong Kong.

AML / KYC

China Imposes Reciprocal Sanctions Against US Officials

By Editors | 10/08/2020

“China has decided to impose sanctions on those individuals who behaved badly on Hong Kong-related issues,” said a spokesperson, without specifying what the sanctions would entail.

Fintech / Regtech

InvestHK Announced Fast Track Fintech Development Programme

By Editors | 10/08/2020

Companies from nine key fintech verticals are invited to submit applications by 31 August, for a chance to showcase their solutions to corporates and investors at Hong Kong Fintech Week.

Market Infrastructure

Hong Kong FSDC Proposes to Allow Tax Offsets Within Group Structures

By Sanday Chongo Kabange | 10/08/2020

The proposed reforms would allow financial services groups operating in Hong Kong to offset the profits of one group company against losses in another.

Securities / Derivatives

HKMA Warns of Risks in Leveraged Investment Products

By Editors | 09/08/2020

Banks should take into account Covid-19 in product due diligence and client suitability assessments, and exercise caution when dealing in leveraged products.

Enforcement

HK Bourse Seeks Broader Powers to Punish Misconduct

By Editors | 09/08/2020

Hong Kong’s stock exchange proposes to enhance its disciplinary regime to enhance its ability to hold accountable and sanction senior managers and directors responsible for misconduct.

AML / KYC

US Sanctions 11 Chinese, Hong Kong Officials

By Manesh Samtani | 08/08/2020

The HKMA says unilateral sanctions imposed by foreign governments have “no legal status” in Hong Kong and banks should endeavour to treat customers fairly.

AML / KYC

HKMA, IA Issue Guidance on Video Distribution of Insurance Products

By Editors | 07/08/2020

Insurers and intermediaries such as banks have to apply to enter the InsurTech Sandbox to test the use of video conferencing to distribute long term insurance policies.