The Hong Kong Monetary Authority (HKMA) and the Private Wealth Management Association (PWMA) have announced the PWMA’s adoption of the “Treat Customers Fairly Charter for Private Wealth Management Industry”. The charter is drawn from good local and overseas banking practices, as well as the G20 high-level principles on financial consumer protection. It contains five high-level […]

The Hong Kong Monetary Authority ordered a local unit of India’s largest bank to pay a HK$7.5 million ($960,000) penalty for failing to carry out proper checks to prevent money laundering and terrorism financing. In its first action since gaining new anti-money laundering powers in 2012, the HKMA said the Hong Kong branch of State […]

The (HKMA) has issued a circular to provide general guidance on proper cyber security risk management for authorised institutions in Hong Kong. The circular says that the Board and senior management of an authorised institution are expected to play a proactive role in ensuring effective cyber security risk management in their institution, including the following […]

As part of a push to control money laundering in the global banking system, the HKMA has called on lenders to peek into customers’ filings Banks in Hong Kong are calculating just how much tax expertise they will need to add over the coming year as the regulator puts them on the hook for the […]

Last December, bitcoin prices plummeted by nearly half, after Chinese authorities banned all financial institutions and payment processor companies in China from engaging in bitcoin-related business. Across the border, Hong Kong stands in stark contrast. Amid the Hong Kong Monetary Authority’s declaration that bitcoins are a virtual commodity, business confidence and appetite for the new […]