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Hong Kong regulator fines JPMorgan over anti-money laundering, CDD failures

The Hong Kong Monetary Authority (HKMA) has reprimanded and penalised JPMorgan Chase Bank HK$12.5 million ($1.60 million) for breaching anti-money laundering rules, after a probe revealed deficiencies in customer due diligence (CDD) and other areas. According to the watchdog, the investigation found that, between April 2012 and February 2014, JPMorgan… Read More

Money laundering: Ex-Birmingham City football club owner ordered to pay $43 million

A Hong Kong court has reportedly ordered Carson Yeung Ka-sing, the former owner of Birmingham City Football Club to pay up HK$338 million (US$43.2 million) worth of criminal proceeds. Prosecutors agreed with his lawyers for him to pay the money, which was less than the half of the HK$721 million… Read More

How does extradition to the U.S. work?

The arrest in Canada of a top Chinese technology executive for possible extradition to the United States has roiled markets and cast doubt on a recent U.S.-China trade truce. Huawei Technologies Co Ltd [HWT.UL] Chief Financial Officer Meng Wanzhou, who is also the daughter of the telecommunications company’s founder, was… Read More

1st November 2018

HSBC, StanChart, others launch HK blockchain trade finance platform

A new blockchain-based trade finance platform, developed by HSBC (HSBA.L), Standard Chartered (STAN.L) and 10 other banks, was launched in Hong Kong on Wednesday to boost efficiency in the multi-trillion-dollar funding of international trade. HSBC said on Wednesday the platform, eTrade Connect, had allowed the Asia-focused British lender to reduce… Read More

11th September 2018

HSBC issues warning of phishing scam targeting customer data

HSBC in Hong Kong has issued an alert, warning the public to be wary of a phishing scam that seeks to obtain the personal information of bank customers. The email, purported to come from HSBC, appears to be sent from an @hsbc.com.hk email address. It has the subject matter… Read More

21st August 2018

Hong Kong regulator fines bank over poor anti-money laundering, due diligence checks

The Hong Kong Monetary Authority (HKMA) has penalised Shanghai Commercial Bank (SCOM) HK$5 million ($636,967) for breaching anti-money laundering rules, including failing to monitor transactions and conduct vital due diligence checks. HKMA found SCOM did not continuously monitor its business relationship with 33 customers by examining the background and purposes… Read More

7th August 2018

HSBC ‘cooperating’ with UK regulator over money laundering investigation

The United Kingdom’s banking regulator has launched a probe into HSBC’s anti-money laundering systems and its compliance with British rules, the bank said in its interim results. The lender did not give details of the Financial Conduct Authority’s (FCA) investigation, but said it is engaging with the watchdog on the… Read More

20th July 2018

HSBC fined after poor documentation, due diligence breaches in bond sales

Hong Kong’s securities regulator has hit HSBC’s Asia unit with a HK$9.6 million (US$1.2m) penalty for systematic deficiencies in its bond selling practice, which included compliance failings. The Securities and Futures Commission (SFC) found that when selling bonds to clients, HSBC Broking Securities (Asia) failed to conduct proper and adequate… Read More

17th July 2018

Hong Kong regulator, banks launch blockchain-based trade finance platform

Hong Kong’s banking regulator and seven banks, including HSBC Holdings PLC (HSBA.L) (0005.HK) and Standard Chartered PLC (STAN.L) (2888.HK), on Tuesday said they will jointly launch a trade finance platform in September using blockchain technology. The platform will be one of the largest examples globally of a government-led, cross-bank effort… Read More

6th July 2018

Credit Suisse pays U.S. $77 million to settle Asia hiring corruption probes

Credit Suisse Group AG (CSGN.S) agreed to pay about $77 million to settle U.S. bribery probes into its awarding of jobs to family and friends of Chinese and other government officials in the Asia-Pacific region, to win lucrative investment banking business. The U.S. Department of Justice on Thursday said Credit… Read More

18th May 2018

Judge denies bail for Hong Kong businessman in bribery case

AP — A New York judge rejected bail on Thursday for a prominent Hong Kong businessman awaiting trial in a United Nations-linked bribery conspiracy, saying evidence in a prosecution that could result in decades in prison was strong enough to make him want to flee. U.S. District Judge Katherine… Read More

9th May 2018

Hong Kong group aims to curb money laundering around Asia

A Hong Kong based NGO backed by regulators, former central bankers and government officials on Wednesday announced an alliance to fight money laundering and regulate the fast growing financial technology space across Asia. The heavyweight meeting, which had government representatives from countries including China, the Philippines, Thailand and Cambodia, aimed… Read More

2nd April 2018

KPMG hit by Hong Kong High Court in $400 million fraud case

Global accounting firm KPMG has suffered a major setback in its battle against liquidators of former U.S.-listed healthcare firm China Medical Technologies Inc, whose executives have been charged in the U.S. with defrauding investors out of over $400 million. The China Medical case is the most high-profile and closely watched… Read More

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