Elvin Chan

Hong Kong Monetary Authority (HKMA) issues warning of fraudulent websites (2024 July) – China CITIC, DBS Bank, Julius Baer & Royal Bank of Canada.  Read - https://lnkd.in/gHH6Jimd follow Caproasia | Driving the future of Asia The Hong Kong Monetary Authority (HKMA) has issued warning of fraudulent websites (2024 July) – China CITIC, DBS Bank, Julius Baer & Royal Bank of Canada.  HKMA: “The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or One-Time Password, by phone, email or SMS (including via embedded hyperlinks).  Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the website concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.  A hyperlink to the press release is available on the HKMA website.” China CITIC Bank International Limited, China CITIC Bank, DBS Bank, Julius Baer, RBC

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HKEX Collaborates with Hang Seng Indexes Company to Launch Hang Seng HKEX Stock Connect China Enterprises Index Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Friday) it is collaborating with leading index compiler Hang Seng Indexes Company Limited (HSIL) to jointly launch an index tracking the largest Chinese companies in the vibrant Stock Connect universe, supporting the development of Hong Kong’s capital market product ecosystem. The Hang Seng HKEX Stock Connect China Enterprises Index (SCCEA Index) will be the first co-branded index between HKEX and HSIL when it launches on 21 November 2024. Constituents of the index include the 80 largest Chinese companies by market capitalisation listed on the Hong Kong, Shanghai and Shenzhen stock exchanges that are traded on Stock Connect. With a balanced sector representation, this cross-market index will offer global investors a comprehensive and authoritative benchmark to capture the investment opportunities in China. ... #capitalmarket #StockConnect #HKEX #HengSengIndex

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The updated assessment by Singapore identifies several high-risk sectors within the financial industry, including payment institutions that provide remittances and external asset managers. https://lnkd.in/gTSSghiJ #fintech #moneylaundering #digitalasset

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💼 Swiss-Asia Financial Services Fined S$2.5 Million for AML Failures 💼 Swiss-Asia Financial Services has been fined S$2.5 million by the Monetary Authority of Singapore (MAS) for significant breaches in anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements. 🏦🔍 Key Takeaways: 🔸 Regulatory Violations: Failed to perform customer due diligence and scrutinize third-party transactions. ❌🕵️‍♂️ 🔸 Inadequate Controls: Lacked sufficient AML/CFT controls as business grew. 📈⚠️ 🔸 Leadership Accountability: CEO and COO reprimanded for not ensuring compliance. 👩‍💼👨‍💼 Read more: https://buff.ly/3UBC6fA #AML #FinancialRegulation #Compliance #FinancialServices

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🚨 MAS Enforcement Action on Wealth and Fund Management Company for AML/CFT-related Breaches 🚨 On 7th May 2024, the Monetary Authority of Singapore (“MAS”) announced disciplinary action against an MAS-regulated company (“the Company”) for breaches of anti-money laundering and countering the financing of terrorism (“AML/CFT”) requirements. This disciplinary action included a regulatory fine of S$2.5 million and public reprimands for the Company’s Chief Executive Officer (“CEO”) and Chief Operating Officer (“COO”) for their failure to ensure that the Company met regulatory requirements it was obligated to comply with. MAS noted that the Company had experienced significant business growth between September 2015 to October 2018 but within this period, the Company did not conduct a review of its AML/CFT controls to align with its business growth, leading to several breaches of MAS’ requirements. These breaches included: ❌ Failure to consider certain relevant risk factors relating to the Company’s customers and business activities in its Enterprise-Wide Risk Assessment (“EWRA”); ❌Failure to perform Customer Due Diligence (“CDD”) measures before establishing business relations; ❌Failure to conduct Enhanced Due Diligence on third-party transactions which were inconsistent with the Company’s knowledge of its customers; ❌Failure to report suspicious transactions despite knowledge of customers’ alleged involvement in financial crimes; and ❌Failure to conduct internal audits to monitor the effectiveness of the Company’s AML/CFT controls and its compliance with regulatory requirements. MAS also cautioned the CEO and the COO for approving an inadequate EWRA and held them responsible for the failure to conduct regular internal audits. Companies regulated by MAS must maintain adequate AML/CFT controls, and it is the Senior Management team who are expected to ensure the effective implementation and periodic review of these controls and ensure they continue to align to the company’s business operations. Link to enforcement action: https://lnkd.in/d8G9ZVHB #MAS #Enforcement #AML #Singapore

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HKEX to Digitalise ETP Servicing Capabilities with Online Platform Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Tuesday) plans to digitise and automate the in-kind creation and redemption process for relevant exchange-traded products (ETP) in 2025 through the adoption of a web-based platform, subject to technical readiness and regulatory approval. This platform will be integrated into the ETP creation and redemption process, connecting key ETP participants with the use of Distributed Ledger Technology (DLT) and smart contracts, and will help increase overall ETP market efficiency, supporting the continued growth of secondary market activity for ETPs. This latest enhancement is part of the Group's ongoing commitment to further elevate the attractiveness and competitiveness of its international ETP ecosystem, replacing several manual, paper-based processes currently present with a goal to simplify the creation and redemption procedures of ETPs and boost market activity. #ETF #StockConnect #HKEX #HongKong #ETP

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Non-Compliance with Anti-Money Laundering (AML) protocols can have serious implications. For businesses, this is not just about financial risk but a reputational risk too. 📢 Lessons from the HKMA's recent enforcement action: The Hong Kong Monetary Authority (HKMA) recently imposed a HK$4 million fine on a bank for contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). Between April 2019 and July 2022, it was found that effective procedures for the continuous monitoring of business relationships with clients had not been fully established or maintained, and updates to due diligence reviews were not consistently conducted upon trigger events. 📕 What can we learn from this event? ☑️ Continuous monitoring is essential for identifying changes that may indicate money laundering or terrorist financing risks. ☑️ It’s crucial to update the risk profiles of business customers when trigger events occur, such as significant changes in account activity or customer information. ☑️ Continuous monitoring allows companies to adjust their risk assessments in real-time, responding promptly to emerging threats or changes in customer behaviour. By focusing on these key areas, companies can better protect themselves and their customers from financial crimes. Mr Raymond Chan, Executive Director (Enforcement and AML) of the HKMA, noted: - “The AMLO requires banks to put in place effective procedures for continuous monitoring of their business relationships with customers so that potential money laundering and terrorist financing activities are detected early.” Interested to know how AsiaVerify can help you stay compliant with AML? #KYBVerification #AML #UBO #AsiaVerify #HKMA

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【𝗚𝗔𝗠 𝗮𝗻𝗱 𝗦𝗛𝗞 & 𝗖𝗼 𝗔𝗻𝗻𝗼𝘂𝗻𝗰𝗲 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗔𝗹𝗹𝗶𝗮𝗻𝗰𝗲 𝘁𝗼 𝗗𝗿𝗶𝘃𝗲 𝗚𝗿𝗼𝘄𝘁𝗵 𝗮𝗻𝗱 𝗘𝗻𝗵𝗮𝗻𝗰𝗲 𝗗𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 𝗶𝗻 𝗚𝗿𝗲𝗮𝘁𝗲𝗿 𝗖𝗵𝗶𝗻𝗮】 GAM Investments (“GAM”, SWX: GAM), an independent investment manager headquartered in Zurich and Sun Hung Kai & Co. Limited (“SHK & Co”, SEHK: 86), a leading Hong Kong-based alternative investment firm, are pleased to announce a new strategic alliance.   This alliance aims to drive growth and enhance client coverage and capabilities across Greater China (Hong Kong, mainland China, Taiwan and Macau). Effective from 1 August 2024, the alliance includes significant new investment in an expanded distribution platform and new strategic alliance serving investors across the region.    This collaboration leverages GAM’s near 40-year commitment to the region, Swiss heritage and active investing approach with SHK & Co’s deep understanding of the Asian market, strong local presence, and extensive expertise and network. Together, both companies share a vision and entrepreneurial mindset to drive new business growth, private wealth solutions and active investing opportunities for a broad range of clients. As part of this strategic alliance, Sun Hung Kai Capital Partners, the licensed subsidiary of SHK & Co will drive the distribution and servicing of GAM’s funds across Greater China.   𝗘𝗹𝗺𝗮𝗿 𝗭𝘂𝗺𝗯𝘂𝗲𝗵𝗹, 𝗚𝗿𝗼𝘂𝗽 𝗖𝗘𝗢 𝗮𝘁 𝗚𝗔𝗠, commented: "We are delighted to partner with SHK & Co, a market leading firm established in 1969 known for its local market presence, alternative investing expertise and wealth management solutions. This alliance reinforces our commitment to the region and enhances our ability to serve our clients with distinctive and award-winning investment solutions."    𝗧𝗼𝗻𝘆 𝗘𝗱𝘄𝗮𝗿𝗱𝘀, 𝗗𝗲𝗽𝘂𝘁𝘆 𝗖𝗘𝗢 𝗼𝗳 𝗦𝗛𝗞 & 𝗖𝗼, expressed: "We are excited to team up with GAM, a renowned global asset manager with a long-standing history of excellence. This strategic alliance combines our complementary strengths and resources, significantly improving our client service and investment solution capabilities. Together, we are well-positioned to provide exceptional offerings that cater to the evolving needs of our clients in the region. Also, we look forward to deepening and exploring more business collaborations with GAM in the years to come, particularly in alternative investment solutions." Read more: https://lnkd.in/gtK2RdNE #StrategicAlliance #GreaterChinaGrowth #InvestmentSolutions

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【𝗚𝗔𝗠 𝗮𝗻𝗱 𝗦𝗛𝗞 & 𝗖𝗼 𝗔𝗻𝗻𝗼𝘂𝗻𝗰𝗲 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗔𝗹𝗹𝗶𝗮𝗻𝗰𝗲 𝘁𝗼 𝗗𝗿𝗶𝘃𝗲 𝗚𝗿𝗼𝘄𝘁𝗵 𝗮𝗻𝗱 𝗘𝗻𝗵𝗮𝗻𝗰𝗲 𝗗𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 𝗶𝗻 𝗚𝗿𝗲𝗮𝘁𝗲𝗿 𝗖𝗵𝗶𝗻𝗮】 GAM Investments (“GAM”, SWX: GAM), an independent investment manager headquartered in Zurich and Sun Hung Kai & Co. Limited (“SHK & Co”, SEHK: 86), a leading Hong Kong-based alternative investment firm, are pleased to announce a new strategic alliance.   This alliance aims to drive growth and enhance client coverage and capabilities across Greater China (Hong Kong, mainland China, Taiwan and Macau). Effective from 1 August 2024, the alliance includes significant new investment in an expanded distribution platform and new strategic alliance serving investors across the region.    This collaboration leverages GAM’s near 40-year commitment to the region, Swiss heritage and active investing approach with SHK & Co’s deep understanding of the Asian market, strong local presence, and extensive expertise and network. Together, both companies share a vision and entrepreneurial mindset to drive new business growth, private wealth solutions and active investing opportunities for a broad range of clients. As part of this strategic alliance, Sun Hung Kai Capital Partners, the licensed subsidiary of SHK & Co will drive the distribution and servicing of GAM’s funds across Greater China.   𝗘𝗹𝗺𝗮𝗿 𝗭𝘂𝗺𝗯𝘂𝗲𝗵𝗹, 𝗚𝗿𝗼𝘂𝗽 𝗖𝗘𝗢 𝗮𝘁 𝗚𝗔𝗠, commented: "We are delighted to partner with SHK & Co, a market leading firm established in 1969 known for its local market presence, alternative investing expertise and wealth management solutions. This alliance reinforces our commitment to the region and enhances our ability to serve our clients with distinctive and award-winning investment solutions."    𝗧𝗼𝗻𝘆 𝗘𝗱𝘄𝗮𝗿𝗱𝘀, 𝗗𝗲𝗽𝘂𝘁𝘆 𝗖𝗘𝗢 𝗼𝗳 𝗦𝗛𝗞 & 𝗖𝗼, expressed: "We are excited to team up with GAM, a renowned global asset manager with a long-standing history of excellence. This strategic alliance combines our complementary strengths and resources, significantly improving our client service and investment solution capabilities. Together, we are well-positioned to provide exceptional offerings that cater to the evolving needs of our clients in the region. Also, we look forward to deepening and exploring more business collaborations with GAM in the years to come, particularly in alternative investment solutions." Read more: https://lnkd.in/gtK2RdNE #StrategicAlliance #GreaterChinaGrowth #InvestmentSolutions

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NEWS - Monetary Authority of Singapore (MAS) sets up panel as Singapore ramps up resilience efforts The Panel will advise MAS on key emerging technology risks and software issues. This is likely to include recommendations with regards to new software testing strategies, common QA standards and a harmonised approach to digital resilience, MAS confirmed to QA Financial over the phone today. https://lnkd.in/dPTiJa5Z #MAS #Singapore #Software #Tech #SoftwareRisks #ITrisks #Banking #Fintech #BankTech #QAtesting #SoftwareTesting #QA

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😰 Another enforcement action from the Monetary Authority of Singapore (MAS) and another reminder for directors and senior managers of licenced financial institutions. 🚨 The MAS Takes Enforcement Actions Against China Capital Impetus Asset Management (CCIAM), its Executive Director and Former CEO for Breaches of the Securities and Futures (Licensing and Conduct of Business) Regulations (SFR). 🚩 CCIAM has committed several breaches (…) and failed to: ‼️ mitigate conflicts of interest arising from the management of assets and/or disclose the conflicts of interest to its investors; ‼️put in place an appropriate risk management framework to address basic aspects of the business such as conducting investment due diligence, ongoing monitoring of investments, handling of redemptions and pursuing claims owed to the fund managed by CCIAM; ‼️inform MAS of changes to its representatives and relevant professionals, as well as changes in Mr Sun’s external business interests, within the required timelines; and submit its annual declarations and auditors’ reports within the required timelines. 🚨🚩🚨MAS has also issued a 2-year Prohibition Order (PO) against Mr Sun for his failure to take reasonable steps to secure compliance by CCIAM with the SFR. 💡 As a reminder the CEO and the directors are principally responsible for ensuring that their organisation complies with MAS’ regulatory requirements. ‼️ Under the PO, Mr Sun is prohibited from performing any regulated activities, and from taking part in the management, acting as a director, or becoming a substantial shareholder of any capital markets services firm under the Securities and Futures Act. 🚩 In view of CCIAM’s and Mr Sun’s contraventions, MAS has declined CCIAM’s application to upgrade to an LFMC. ‼️ The fund that CCIAM was managing has been placed under liquidation. Read the full release below. https://lnkd.in/gS8_rP2P

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With a talent crunch and inconsistent compliance among banks, the fight against #moneylaundering faces significant challenges. Jason Tan, Partner, Forensic, Advisory, KPMG in Singapore, underscores the need for constant vigilance and improvement to improve the compliance framework. He highlights that the current increased regulatory scrutiny has opened career growth and development opportunities for potential talent in the #compliance field. For a deeper understanding on Singapore’s current anti-money laundering (#AML) efforts, read the full article here: https://lnkd.in/gQWQGWYH #fraudprevention #financialservices

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PwC PwC China expects to be hit with 6-month ban in China + expected to come with a large fine as part of punishment over PwC China audit of collapsed failed property developer giant China Evergrande Group Action against PwC China comes after China’s securities regulator in March said Evergrande inflated its mainland revenues by c. $80bn in the 2 years before the developer defaulted on its debts in 2021, despite PwC China unit giving the accounts a clean bill of health. The ban would prevent PwC China from signing off on financial results and initial public offerings and from conducting other regulated activities. PwC China has informed its clients it expects a 6-month business ban by Chinese authorities as early as September. However, PwC China has assured clients that staff will keep working during the suspension and will be able to certify the audit opinions on their 2024 annual reports once the ban is lifted in March. As of March, PwC China was the leading auditing firm in China with about 110 companies listed in the country as its clients. PwC China was the country’s largest accounting firm by revenue in 2022, bringing in Rmb7.9bn ($1.1bn), according to government data. Since then, at least 50 Chinese companies, many of which are state-owned firms or financial institutions, have dropped PwC China as its auditor or cancelled the plans to hire it in recent months. https://lnkd.in/d8Aqf8it https://lnkd.in/dg6uMFas #audit #big4 #auditing #auditors #auditor #audits #externalaudit #auditingservices #auditcommittee #auditquality #auditservices

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Bank of Singapore’s 2024 Supertrends report offers a valuable roadmap for navigating the challenges and opportunities of a world in transition. Read our full report here: https://lnkd.in/gu3gJGgt

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💼 Swiss-Asia Financial Services Fined S$2.5 Million for AML Failures 💼 Swiss-Asia Financial Services has been fined S$2.5 million by the Monetary Authority of Singapore (MAS) for significant breaches in anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements. 🏦🔍 Key Takeaways: 🔸 Regulatory Violations: Failed to perform customer due diligence and scrutinize third-party transactions. ❌🕵️‍♂️ 🔸 Inadequate Controls: Lacked sufficient AML/CFT controls as business grew. 📈⚠️ 🔸 Leadership Accountability: CEO and COO reprimanded for not ensuring compliance. 👩‍💼👨‍💼 Read more: https://buff.ly/3UBC6fA #AML #FinancialRegulation #Compliance #FinancialServices

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Our Chief Investment Officer Ms. 张弘Harriet Zhang brings you the market outlook for Q3 2024. Harriet:” We remain optimistic on short-term interest rates but expect continued volatility in long-term rates. We recommend allocating to bonds when yields are high, to capture attractive yields. Additionally, we suggest taking advantage of trading opportunities for potential capital gains." #HASLASIA #Q3MarketOutlook #GlobalMarket # #ChinaMarket #ILAS #Investment #FinancialPlanning #GetMoreFromLife #MoreAcademy 

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MPF Ratings today released its July MPF Performance Survey, pointing out that total MPF assets have reached a new record all-time high on the back of MPF’s 5th positive performance month this year. Aided by approximately $6.8bn in performance earnings in July, average MPF account balances are now approximately just under $260,000 at $259,900. The Nasdaq entered correction territory, a warning that MPF members have too much to lose if they get market timing wrong. Find out more here: https://lnkd.in/g5RNs35e #mpfratings #MPFScorecard #MPFHealthCheck #MPFFastMover #MPFRConsistentPerformers #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

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