On 19 December 2018, the Hong Kong Monetary Authority (HKMA) announced that it will introduce supervisory measures (Supervisory Measures) focused specifically on measuring authorised institutions’ (AI) progress in implementing reforms to their culture. The Supervisory Measures include requiring AIs to complete and return self-assessment forms regarding their culture to the HKMA, and undertaking on-site reviews focused specifically on culture. For our full briefing on the supervisory measures, please click here.
Tag: authorised institutions
Late last week, the HKMA published a circular to provide feedback to authorised institutions (AIs) on its thematic review of their sanctions screening systems, which took place in the past few months. While the review indicated that the screening systems examined were in general performing on par with industry benchmarks, the HKMA wishes to draw AIs’ attention to various issues and good practices identified during the review, which it has set out in the annex to the circular.
The HKMA will collect information from all AIs in the third quarter of 2018 on individual action plans and consider conducting further reviews. Continue reading