Hong Kong Monetary Authority

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.

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.

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.

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.

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.

Crypto / Digital Assets

HKMA Issues Risk Management Guidance for DLT Adoption

By Sanday Chongo Kabange | 17/04/2024

The guidance covers DLT network and smart contract design and governance, the associated risks, and the need for interoperability.

Capital / Liquidity

HKMA Consults on Revisions to Bank Disclosure Guidelines

By Editors | 10/04/2024

The revisions are related to the implementation of the Basel III final reform package. The consultation is open until 7 May 2024.

Crypto / Digital Assets

How HKMA Aims to Prevent Fragmented Digital Money Ecosystem

By Nithya Subramanian | 04/04/2024

HKMA aims to ensure that different types of tokenised money issued in the city can interact with each other.

Crypto / Digital Assets

HKMA to Explore Common Industry Standards for Digital Money

By Manesh Samtani | 02/04/2024

Phase 2 of HKMA’s e-HKD testing initiative will explore the development of standards on interoperability and smart contract design.