Hong Kong Monetary Authority

Market Infrastructure

Wealth Connect Hindered by ‘Narrow Range of Products’

By Editors | 16/08/2023

Market participants are looking for regulators to extend the Wealth Management Connect scheme to more products and well as widen its sales channels.

Enforcement

Hong Kong IA Bans Ex-StanChart Agent for Six Months

By Editors | 16/08/2023

The agent doctored a DDA form because the client’s signature was missing on one page. The SFC previously disciplined the same individual.

Fintech / Regtech

HKMA Asks Banks to Participate in New Data Sharing Initiative

By Editors | 15/08/2023

The Interbank Account Data Sharing Initiative will enable banks to share bank account data with other banks, subject to customer consent.

AML / KYC

HKMA Fines EFG Bank Over AML Control Deficiencies

By Editors | 15/08/2023

The bank failed to complete identity verification for customers that were transferred in from another FI and had other issues related to CDD and ongoing monitoring.

ESG / Sustainability

Hong Kong to Develop Roadmap for ISSB Standards Adoption

By Editors | 08/08/2023

A special working group will be established to work on the roadmap and make recommendations to the Green and Sustainable Finance Cross-Agency Steering Group.

Capital / Liquidity

HKMA Updates Timetable for Implementing Basel III Reforms

By Editors | 06/08/2023

The HKMA asks the banking industry for comments on the latest timetable by 4 September 2023.

Capital / Liquidity

BIS Paper Draws Lessons from HKMA Approach to NBFI Monitoring

By Manesh Samtani | 03/08/2023

The HKMA framework highlights how multiple data sources can be used to extract valuable information and signals for timely NBFI monitoring.

ESG / Sustainability

HKMA Launches Competency Framework for Sustainable Finance

By Ranamita Chakraborty | 31/07/2023

HKMA is seeking to establish standards for green finance roles in banks and to help practitioners gain knowledge.

AML / KYC

HKMA, SFC Offer New Guidance on Suitability Obligations

By Manesh Samtani | 30/07/2023

HKMA and SFC say intermediaries can tailor their point-of-sale procedures to the personal circumstances of sophisticated professional investors.