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Big Picture
Moody’s Places HK Banks on Review for Upgrade
By Editors | 01/05/2018
Hong Kong legislation enables authorities to achieve orderly resolution in the event of a bank failure and provides clarity on the effect on depositors and other creditors.
Market Infrastructure
Japanese Banks Respond to HK OTC Derivatives Consultation
By Garima Chitkara | 30/04/2018
Japanese banking association asks for 6-12 months grace for implementing LEI requirements; urges for increased incentives to encourage smaller firms to obtain LEIs.
AML / KYC
ACAMS 2018: HKMA Calls on Financial Industry in Fight Against Crime
By Manesh Samtani | 26/04/2018
Deputy chief Arthur Yuen highlighted technological innovation, increased information sharing and the application of a risk-based approach as the key issues to implementing effective AML systems.
Fintech / Regtech
Hong Kong Work Plan Includes Incentives for Fund Industry
By Manesh Samtani | 20/04/2018
Government reviewing and enhancing existing tax concession arrangements for fund industry; HKMA to launch real-time payments, issue virtual bank licences this year.
Market Infrastructure
HK, Japan to Connect Settlement Systems
By JP Reimann | 19/04/2018
BOJ-NET link with HKD CHATS will effectively eliminate the need for the US dollar as an intermediate currency in cross-border transactions.
AML / KYC
HK Banks Introducing Biometrics Expected to Comply With IT Upgrade Guidelines
By JP Reimann | 17/04/2018
Secretary for Financial Services and the Treasury expects banks to comply with requirements of HKMA personal data privacy ordinance.
Fintech / Regtech
Hong Kong’s Fintech Sandbox Risks Alienating Innovators
By Manesh Samtani | 28/02/2018
HKMA financial technology sandbox needs to evolve to maximise value for all concerned, a new study suggests.
Enforcement
RBI Under Fire for Failure to Detect $1.8bn Loan Fraud
By Manesh Samtani | 21/02/2018
Central bank audits failed to detect loan fraud using Punjab National Bank guarantees for over seven years; overseas branches which granted loans also under scrutiny.
AML / KYC
Border Cash Declarations Won’t Halt HK Money Laundering
By Peter Guy | 19/02/2018
For the first time, visitors to Hong Kong will soon have to declare cash they bring in. But money laundering will continue to flourish.
Fintech / Regtech
HKMA Virtual Bank Rules – Dull, Timid Bureaucracy
By Peter Guy | 12/02/2018
Proposed virtual banks rules fail to address the true future of financial services, risking Hong Kong’s descent into irrelevancy.
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