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AML / KYC
HKMA Fines Prepaid Card Issuer 33FS for AML/CTF Deficiencies
By Editors | 17/01/2022
The case involved control deficiencies in respect of 33 Financial Services Limited’s transaction monitoring and name screening systems, the HKMA said.
Capital / Liquidity
HKMA Issues Draft Guidance on Liquidity and Funding in Resolution
By Manesh Samtani | 16/01/2022
The HKMA expects banks to be able to model liquidity and funding needs in a resolution scenario over various time horizons.
Fintech / Regtech
HKMA to Introduce Regulatory Framework for Stablecoins
By Mark Johnston | 13/01/2022
Only Hong Kong incorporated entities licensed by the HKMA would be allowed to actively market stablecoins to the local public.
HK Banks Extend Repayment Deferment for Trade Facilities
By Editors | 12/01/2022
The HKMA cited uncertainties caused by the spread of Covid-19 and global supply chain disruptions that are continuing to pressure corporates.
Capital / Liquidity
HKMA Unveils Results of Climate Risk Stress Tests
By Manesh Samtani | 03/01/2022
The HKMA has also finalised its guidance on climate risk management, giving banks until end-2022 to implement the new measures.
HK Regulators to Assess Sales Practices of Tax-deductible Products
By Mark Johnston | 03/01/2022
A mystery shopping programme is being launched by the HKMA, MPFA and IA to assess the extent to which statutory and regulatory objectives are being met by intermediaries.
HKMA Endorses Proposal to Better Protect Mortgage Borrowers
By Editors | 31/12/2021
The proposal will make use of electronic payments directly from bank to bank, rather than routing payments for large property transactions through law firms.
HKMA Issues Guidance on Compliance with ‘Stay Rules’
By Editors | 30/12/2021
The HKMA may issue directions to banks or their holding companies if it believes non-compliance with the Stay Rules (including by a related company) may impede orderly resolution.
Fintech / Regtech
BOT to Delay Testing of Retail CBDC to Late 2022
By Editors | 30/12/2021
After discussions with relevant parties and careful consideration, Thailand will proceed slowly, said BOT deputy director Kasidit Tansanguan.
Capital / Liquidity
HKMA Removes Bank of East Asia from D-SIBs List
By Editors | 28/12/2021
The Bank of East Asia was no longer identified as a D-SIB in the assessment considering its systemic importance relative to other institutions, the HKMA said.
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