[Hong
Kong] National security law: Hong Kong banks told by HKMA to report suspicious
transactions
SCMP, 20 Oct 2020
Banks
operating in Hong Kong have been told to report financial transactions believed
to violate the city’s controversial national security law as they would
suspected incidents of money laundering or terrorism financing. In a FAQ posted
on the Hong Kong Monetary Authority (HKMA)’s website, it advised banks to file
suspicious transaction reports for dealings that may be related to violations
of the national security law to the city’s Joint Financial Intelligence Unit,
an investigative division of the Hong Kong Police Force and the Customs &
Excise Department.
Full
text: click here; FAQ: click here
[Hong Kong] Customer
Protection in respect of Reform of Interest Rate Benchmarks
HKMA Circulars, 21 Oct 2020
Further
to the circulars previously issued by the Hong Kong Monetary Authority (“HKMA”)
relating to the reform of interest rate benchmarks, HKMA remind authorized
institutions to uphold customer protection principles in line with the Treat
Customers Fairly Charter and other applicable requirements (e.g. Code of
Banking Practice) throughout the processes of the reform and transition of
interest rate benchmarks.
Full
text: click here
