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AML / KYC
SFC Sets Out Expectations on Managing BEC Risk
By Manesh Samtani | 24/03/2022
Most successful business email compromise frauds occurred because LCs did not check or verify the identities of email senders or they ignored red flags.
Market Infrastructure
SFC Seeks to Allow Broker Participation in GBA Wealth Connect
By Sanday Chongo Kabange | 18/03/2022
A hurdle that still needs to be overcome is that Hong Kong brokerages are currently prohibited from distribution and soliciting clients in mainland China.
AML / KYC
SFC Fines Emperor Securities, Emperor Futures for AML Breaches
By Editors | 17/03/2022
Emperor processed third party fund transfers without validating the relationships between the clients and the third parties, or the reason for the transfers.
ESG / Sustainability
IOSCO Seeks to Build Trust in Sustainability Reporting
By ESG Investor | 15/03/2022
IOSCO’s 2022 work plan for sustainable finance focuses on assurance, carbon markets and reporting standards.
HKMA Seeks to Reassure Bankers Over Covid Restrictions
By Editors | 07/03/2022
Concerns are mounting over closed schools and bars, banned flights, and a plan to launch a mass testing programme that may be coupled with a citywide lockdown.
Securities / Derivatives
SFC Directs Licensed Corporations to Plan for Contingencies
By Editors | 07/03/2022
The SFC expresses concern that some licensed firms may not have plans in place to deal with financial distress or the sudden unavailability of key staff.
Enforcement
SFC, HKEX Fine HSBC Securities for Regulatory Breaches
By Editors | 04/03/2022
The firm made errors when assigning BCANs to clients. It also oversold China securities due to deficiencies in its order management and algorithmic trading systems.
Enforcement
SFC Permanently Bans Ex-HSBC Employee Over Bribery Convictions
By Editors | 02/03/2022
The former vice president accepted gifts as inducements to handle credit applications and maintain the credit facilities for two companies controlled by a client.
Securities / Derivatives
SFC, HKMA Launch Joint Review of Investment Product Selling Practices
By Editors | 02/03/2022
The review’s objectives are to assess intermediaries’ compliance with requirements to perform product due diligence, conduct suitability assessments and provide information to clients.
Enforcement
HK Court Offers Questionable Rationale in Insider Dealing Case
By Tom Fyfe | 01/03/2022
The court’s decision merely transfers illicit profits to a select group of individuals who were “lucky enough to have traded with the insider”, says Tom Fyfe.
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