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AML / KYC
HKMA Issues Guidance on Preventing eDDA Fraud
By Editors | 06/10/2021
The HKMA provides good practices banks can use to guard against different fraud scenarios when offering electronic direct debit authorisation services.
Fintech / Regtech
HKMA Seeks Input on Technical Design for Retail CBDC
By Manesh Samtani | 05/10/2021
The technical architecture proposed in a new whitepaper includes a privacy preservation arrangement that also allows for transaction traceability.
Customers Not Informed in Premium Financing Arrangements
By Editors | 03/10/2021
The HKMA and IA found in joint inspections that customers may not be sufficiently informed about the potential impact of premium financing arrangements.
Market Infrastructure
Hong Kong Capital Market to Increase Use of RMB
By Manesh Samtani | 02/10/2021
HKMA chief Eddie Yue speaks of expanding the use of the RMB in Hong Kong stock market trading and a multi-year programme to enhance the CMU.
Market Infrastructure
HKMA Further Expands Eligible Collateral for RMB Facility
By Editors | 01/10/2021
Eligible collateral will include RMB, USD and EUR debt securities issued offshore by local governments at various levels in Mainland China.
Enforcement
Shenzhen Regulator Launches Probe into Evergrande Wealth
By Editors | 29/09/2021
The Shenzhen Financial Regulatory Bureau said a “thorough investigation” into Evergrande Wealth has been launched following investor demands for an inquiry.
Fintech / Regtech
Central Banks Create Prototype Platform for mCBDC Settlements
By Sanday Chongo Kabange | 28/09/2021
The prototype platform was able to complete international transfers and foreign exchange operations in seconds while also lowering the cost of cross-border operations.
Market Infrastructure
20 HK Banks Apply to Participate in Wealth Connect – Report
By Editors | 28/09/2021
Balanced funds, money market funds, equity and bond funds are reportedly among the more than 100 types of investment funds awaiting the HKMA’s approval.
Fintech / Regtech
HKMA Issues Guide on Regtech Adoption for GRC
By Sanday Chongo Kabange | 28/09/2021
The guide outlines common challenges associated with regtech adoption for GRC and describes how successful firms have addressed these challenges.
AML / KYC
HKMA Identifies AML/CFT Gaps in Stored Value Facilities
By Sanday Chongo Kabange | 27/09/2021
The HKMA flagged issues related to risk assessments, business partner arrangements, customer risk assessments, and transaction monitoring.
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