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Regulatory Update

20th September 2016

Hong Kong: HKMA to add cyber security, anti-money laundering knowledge to bankers’ certification

Starting in December, new programmes will be added to the HKMA’s Enhanced Competency Framework (ECF) for local bankers Read More

14th September 2016

Hong Kong regulator fines HSBC for regulatory breaches

Hong Kong’s securities regulator said on Wednesday it fined and reprimanded HSBC (HSBA.L) (0005.HK) for regulatory breaches and internal control failings related to its position in the futures and options contract market. HSBC was fined HK$2.5 million ($322,294) for failing to put in place adequate internal controls to… Read More

11th September 2016

Hong Kong Warns Banks on Heavy-Handed Customer Due Diligence After Trust Company Derisked by HSBC

The Hong Kong Monetary Authority has warned banks that applying disproportionately stringent due diligence on customer accounts risks excluding legitimate businesses from basic financial services. The city’s de facto central bank urged lenders to adopt an approach that differentiates the risk of individual customers through factors such as country, business… Read More

9th September 2016

HK regulator urges banks to ease rules on startup account openings

Hong Kong’s banking regulator on Thursday urged financial firms to review requirements that have made it virtually impossible for startups and small companies to open bank accounts in the city. Opening bank accounts has been one of the key issues holding back the development of financial technology (fintech) companies in… Read More

31st August 2016

Hong Kong regulator fines BNP Paribas HK$4m for overcharging

The Securities and Futures Commission (SFC) has fined BNP Paribas Wealth Management HK$4m (£393,000, $515,664, €461,793) for overcharging its clients. Read More

24th August 2016

Hong Kong Regulator SFC Suspends Trader

The Securities and Futures Commission in Hong Kong has suspended the licence of an account executive of BOCOM International Securities for 18 months, for engaging in manipulative activities. The severe disciplinary action follows an investigation carried out by the Securities and Futures Commission (SFC) which found that between 5 and… Read More

12th August 2016

Hong Kong: Bitcoin Traders Made 700% Returns Before Losing Millions in Hack Attack

For years, Tian Jia made the kind of returns on his money that investors in the rest of the world could only dream of. The 29-year-old Beijing-based programmer had $440,000 on deposit at the Hong Kong bitcoin exchange Bitfinex until last week and, on good days, would wake up to… Read More

4th August 2016

Standard Chartered online glitch prompts questions from Hong Kong’s monetary regulator

Bank apologises, attributes to display error and insists trading activities were unaffected Read More

1st August 2016

HSBC exploring smoother process for opening company accounts in Hong Kong

Banks urged to act after new international laws targeting fraud lead to accounts misery for city business groups and investigation by watchdog Read More

29th July 2016

Hong Kong: New wave of staff turmoil at corruption watchdog ICAC as two major figures set to depart

Two major figures will depart from the Independent Commission Against Corruption (ICAC) in August, in a new wave of staff unrest at the corruption watchdog. It was announced on Friday that the Acting Head of Operations Ricky Yau Shu-chun has requested to terminate his contract with the commission, and he will proceed on final… Read More

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