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 […]
Read MoreHong Kong SFC bans former CEO of securities company for 12 months over internal control failures
The Hong Kong Securities and Futures Commission (SFC) has banned Mr He Zhi Hua, former chief executive officer of Ping An of China Securities (Hong Kong) Company Limited (Ping An), for 12 months from any regulated activities due to his role in contributing to serious internal control deficiencies and other matters at Ping An between […]
Read MoreCOURT OF FINAL APPEAL MAKES SENSE OF MONEY-LAUNDERING LAW
In overruling the findings of the lower courts, Mr Justice Spigelman dutifully clarifies the meaning of ‘having reasonable grounds to believe’ The Court of Final Appeal has considerably tightened up the circumstances in which a loosely worded piece of legislation can be used to send people to jail. Thank God for the Court of Final […]
Read MoreMIXED FEELINGS: CHINA CENSURES BITCOIN WHILE HONG KONG EMBRACES IT.
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 […]
Read MoreHong Kong SFC bans former bank employee for life
The Hong Kong Securities and Futures Commission (SFC) has announced that Mr Mok Kin Hung, a former employee of Dah Sing Bank, Limited, has been banned from re-entering the industry for life. Mr Mok was previously a relevant individual engaged by Dah Sing Bank to carry out the regulated activities of dealing in securities and […]
Read MoreHong Kong ICAC secures conviction for bribery in relation to securities trading
The Hong Kong Independent Commission Against Corruption (ICAC) has announced that four people had been convicted at the Hong Kong Eastern Magistracy of accepting or offering over HK$323,000 in illegal commissions in relation to trading in securities. Two of the defendants, Mr Chi-cheung Chan and Mr Wing-ho Tang were formerly employees and licensed representatives of […]
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