Hong Kong Monetary Authority

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    AML / KYC

    HKMA Seeking to Identify Next Areas of Focus in AML Regtech

    By Manesh Samtani | 29/04/2024

    HKMA is inviting professional firms to recommend AML Regtech use cases where adoption rates can be targeted for increase over the next two years.

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    Fintech / Regtech

    Hong Kong Launches Cross-Industry Platform to Boost Fintech Adoption

    By Sanday Chongo Kabange | 29/04/2024

    ‘FiNETech’ will enable financial institutions and tech firms to explore collaboration in the areas of wealthtech, insurtech, greentech, AI and DLT.

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    Capital / Liquidity

    HKMA Consults on Guidance for Revised Credit Risk Framework

    By Editors | 25/04/2024

    The guidance seeks to address interpretative issues raised in previous consultations on the implementation of the revised credit risk framework in Hong Kong.

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    AML / KYC

    Commerzbank Fined in Germany for AML Violations

    By Mark Johnston | 24/04/2024

    BaFin said Commerzbank was slow to update customer data and inadequately applied enhanced due diligence requirements.

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    Fintech / Regtech

    Hong Kong Launches New ‘One-Stop’ Platform for SMEs

    By Sanday Chongo Kabange | 23/04/2024

    The new ‘one-stop SME platform’ enables SMEs to “shop around” for lending services offered by the major banks.

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    AML / KYC

    HKMA Proposes Revisions to E-banking Risk Management Requirements

    By Manesh Samtani | 22/04/2024

    HKMA’s revised SPM Module incorporates additional requirements on electronic banking security and expands the obligations to payment card transactions.

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    Enforcement

    HKMA Fines Hua Nan Commercial Bank Over AML/CFT Controls

    By Editors | 22/04/2024

    HKMA identified deficiencies in the bank’s ability to continuously monitor some customer relationships over a six-year period.

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    Market Infrastructure

    SFC, HKMA Find Deficient Practices in Investment Product Sales

    By Manesh Samtani | 19/04/2024

    A thematic review highlighted issues with product due diligence methodologies and a lack of understanding of certain structured products.

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    Market Infrastructure

    HKAB Sets Launch Date for New Credit Reference Platform

    By Sanday Chongo Kabange | 19/04/2024

    The new credit reference platform, known as ‘Credit Data Smart’, will start service on 26 April. Three CRAs are contributing data.

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    AML / KYC

    HKMA Offers New Guidance on Transaction Monitoring

    By Manesh Samtani | 17/04/2024

    The guidance is based on a thematic review of TM systems, which also explored how FIs adopt artificial intelligence to optimise performance.

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