Featured Hong Kong

China Tightens Anti-Money Laundering Regulations for Banks

China’s central bank said it tightened requirements for lenders to report cross-border transactions by customers as part of stepped-up efforts to curb money laundering. Read More

Foreign currency purchase loophole closed by regulator

Chinese residents now need to fill an application form indicating the purpose of foreign exchange purchases, reflecting strengthened scrutiny from the nation's top currency regulator amid renewed pressure from capital flight. Read More
11th September 2018
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
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
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
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’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 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
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
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
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
21st February 2018
Some of the biggest electronics bazaars in Asia are being flooded with customers looking for the latest piece of technology: cryptocurrency mining rigs. Scores of miners from around the world are traveling to places like Hong Kong’s Sham Shui Po and Singapore’s Sim Lim Square to buy the rigs, which… Read More
Must Read

Germany: Santander bank caught up in major tax evasion investigation

Prosecutors in Germany have launched a probe into the role Spanish bank Santander may have played in a widespread tax fraud scheme. The probe, which has seen the authorities examine the role of other banks, looks at allegations that Santander executed trades that facilitated ‘severe tax evasion’ between 2007 and… Read More

Denmark investigates Nordea Bank over money laundering allegation

Denmark’s state prosecutor has launched a probe into a complaint that Nordea Bank facilitated money laundering. The Danish State Prosecutor for Serious Economic and International Crime declined to name the firm that made the allegations, but said in a tweet: “We can confirm that we have received a report… Read More