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Hong Kong: digital bank's customers are the target for fraudsters, says HKMA

The Hong Kong Monetary Authority has issued a warning that customers of WeLab Bank are the target of a phishing scam. WeLab prides itself on being Hong Kong's "only home grown virtual bank." But it's more than a bank so the scam has potentially much wider implications.

BIScom Subsection: 
Crowdfunding

We uncover fake linked financial services business claiming to be in Hong Kong and Singapore

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If you were to receive mail from a government URL, you'd give it the time of day. Everyone would.

But this fake investment scam uses an address owned by the government of Paraguay as its spoofed "from" address. And, of course, it uses a free any anonymous e-mail address to collect responses from its victims.

And behind the spam-scam is a far more sophisticated scheme. We scrape away the stinky stuff and lay bare the fraudulent scheme.

FCRO Subsection: 
Financial Crime News

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Hong Kong's credit cards Q4 2020.

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The Hong Kong Monetary Authority published today the credit card lending survey results for the fourth quarter of 2020.

BIScom Subsection: 
Credit cards

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The HKMA developed a two-year roadmap to promote Regtech adoption

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The Hong Kong Monetary Authority (HKMA) has developed a two-year roadmap to promote Regtech adoption in the Hong Kong banking sector, as laid out in a White Paper entitled “Transforming Risk Management and Compliance: Harnessing the Power of Regtech”.

(HKMA Media Release 3 November 2020 17:45 HK time)

BIScom Subsection: 
Regulation

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"The HKMA encourages the development of virtual banks"

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Arthur Yuen, Deputy Chief Executive, Hong Kong Monetary Authority, today set out Hong Kong's stall. Is today's statement an indication of success or a note being of not-quite competitive?

BIScom Subsection: 
Cryptocurrencies and cryptoassets

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Attitudes to Chinese money

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There is a raft of cases around the world involving money seemingly of Chinese origin. Here's a Q&A on the issue.

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Hong Kong – Time to be Realistic

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Peter T. Treadway discusses the present unrest in Hong Kong from the perspective of a long time resident.

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Why Hong Kong's protesters must stop now.

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What were once peaceful demonstrations against a Hong Kong Bill that would, incidentally to its main purpose, have facilitated extradition to China for a wide range of offences, have become expensive, disruptive and divisive. Every day seems like a new turning point where protesters increase the lengths they are willing to go to, often seemingly with the specific intent of provoking a reaction from the police which the protesters then claim was unduly harsh. And the UN and the USA aren't helping.

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Solicitor prosecuted for alleged insider trading

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A solicitor (attorney) who was advising a company on a proposed purchase of a large stake in another company has been accused of using non-public information to make share transactions and profit therefrom.

BIScom Subsection: 
Enforcement

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Hong Kong repeats "coin collection" scheme.

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The Hong Kong Monetary Authority (HKMA) today announces a new service schedule of the two “Coin Carts” under the Coin Collection Programme, for the period of 20 May 2019 up to 28 July 2019. The schedule and other details of the Programme are shown on the HKMA webpage (coincollection.hkma.gov.hk). (press release) .

Comment: Virtual banking is recognised, cryto-currencies are not.

BIScom Subsection: 
Retail banking

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UNESCO should dismiss Singapore's application to recognise "street food culture."

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What is street food? If Singapore has its way, it's something that characterises the City state and marks it out as as something different. Malaysia is outraged - but other countries should be up in arms, too.

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HK SFC freezes accounts over alleged market manipulation

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The Securities and Futures Commission (SFC) has issued restriction notices to nine brokers, prohibiting them from dealing with or processing certain assets held in their clients’ accounts which are related to suspected market manipulation in the shares of China Ding Yi Feng Holdings Limited (China Ding Yi Feng) between 2018 and early 2019

The SFC is at pains to point out that the nine brokers are not under any suspicion or any form of investigation.

BIScom Subsection: 
Market Manipulation

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18 months' suspension for responsible officer

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Hong Kong's Securities and Futures Commission has suspended the former responsible officer of China Merchants Securities (HK) Co., Limited for compliance failures.

BIScom Subsection: 
Enforcement

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HK SFC issues fine and reprimand for counter-money laundering failures

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Hong Kong's Securities and Futures Commission (SFC) has reprimanded Guosen Securities (HK) Brokerage Company, Limited (Guosen) and fined it HKE15.2 million for failures in complying with Counter-money laundering and anti-terrorist financing (CFT) regulatory requirements when handling third party fund deposits

BIScom Subsection: 
Enforcement

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Hong Kong's Court of Final Appeal says Moody's must accept SFC action

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In 2011, Moody’s Investors Service Hong Kong Limited which along with many associated companies is generally known only as "Moody's," and which has forgone the sobriquet "ratings agency" in favour of the much more honest "ratings organisation", issued a document entitled "Red Flags for Emerging-Market Companies: A Focus on China." Ignoring, for the sake of simplicity, that the document referred to warning signs and not red flags in the true sense, it contained material that the Hong Kong Securities and Futures Commission (SFC) decided was not apt. That started a battle which continues.

BIScom Subsection: 
Enforcement

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