Hong Kong

AML / KYC

HK Banks Asked to Enhance Customer Interface of Account Opening

By Manesh Samtani | 18/06/2019

The HKMA has published the findings of its mystery shopper programme, which set out to assess customer interface aspects of bank account opening for SMEs and ethnic minorities.

Enforcement

SFC, CSRC to Facilitate Cross-Border Investigations

By Editors | 17/06/2019

The SFC and CSRC have agreed on a new cooperative framework to facilitate and coordinate cross-border investigations in “high impact or urgent cases”.

AML / KYC

HKMA Sets Out AML/CFT Best Practices for SME Onboarding

By Editors | 17/06/2019

A thematic review has concluded that authorised institutions have in general applied the risk-based approach to AML/CFT measures, but there is room for improvement.

Securities / Derivatives

SFC Provides Additional Guidance on Sale of Complex Products

By Editors | 14/06/2019

Paragraph 5.5 of the Code of Conduct is only applicable for unsolicited purchases of complex products. Intermediaries can apply a risk-based approach to disclosures for repeat purchases.

Market Infrastructure

Hong Kong Proposes Insurance Connect with China

By Editors | 13/06/2019

The proposed plan will allow Hong Kong insurers to set up offices in Guangdong and Macau, part of a large integration plan for the Greater Bay Area.

Market Infrastructure

Hong Kong, Singapore Cooperate on Personal Data Protection

By Editors | 12/06/2019

Hong Kong and Singapore’s data protection authorities have signed an MOU to strengthen cooperation on personal data protection.

Market Infrastructure

SFC Directs Prime Brokers on Regulatory Obligations

By Manesh Samtani | 11/06/2019

If prime services are carried out in Hong Kong, prime brokers are expected to comply with Hong Kong rules and regulations regardless of where the risk positions are booked.

Market Infrastructure

HK FRC Concludes Consultation on Auditor Misconduct Penalties

By Editors | 04/06/2019

The FRC will be empowered to order penalties of up to HK$10mn or three times the profit gained or loss avoided as a result of misconduct, whichever is higher.

Market Infrastructure

Banks Should Start Considering HONIA Products – HKMA

By Manesh Samtani | 03/06/2019

HKMA Deputy Chief Howard Lee says global banks are the “best equipped” and should be taking the lead in the transition to alternative reference rates.