Featured Hong Kong

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

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
1st November 2018
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 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
Must Read

FATF publishes assessment of UK anti-money laundering, counter terror financing systems

A global anti-money laundering (AML) watchdog has found that the United Kingdom has a ‘robust understanding’ of laundering and terrorism financing threats, but warned it faces significant risks of dirty cash inflows from offshore jurisdictions and foreign criminals. The Financial Action Task Force (FATF) said Britain’s ‘strong’ public-private partnerships are… Read More

Deutsche Bank hit by new laundering report; shares slide again

Deutsche Bank (DBKGn.DE) defended its record in fighting money laundering on Thursday after the Financial Times reported it had processed 31 billion euros ($35 billion) more in questionable funds for Danske Bank (DANSKE.CO) than previously thought. A Deutsche Bank spokesman declined to comment on the FT article. He said, however,… Read More