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Deposit taking institution hong kong

AIs must also appoint managers who are principally responsible, either alone or with others, for the conduct of certain affairs or business which the AI is engaged in in Hong Kong. .
The hkma received 29 applications for the first batch of virtual bank licences under the new guidelines in August 2018 and the first virtual bank licences are expected to be granted in the first half of 2019; and the Open API Framework for the Hong.
Asia Commercial Bank Bank of America (Asia) Bank of Canton Bank of China Group Bank of Credit and Commerce International (Hong Kong) Limited Belgian Bank Canton Trust Bank Chartered Bank of India, Australia and China Chase Manhattan Bank, Hong Kong branch China South Sea Bank.Of the 224 authorised institutions in Hong Kong in 2004, 197 were beneficially owned by interests from over 30 countries.Adopting a risk-based approach with resources focused on business relationships which may present a higher risk of money laundering, AIs are required to monitor their customers continuously by reviewing and updating client information, ensuring client activities are consistent with the nature of the clients business.In addition to information on their balance sheet and quality of assets, banks are required to disclose inner reserves, realized profits, and net assets.Applicants for a restricted-license bank must have paid-in capital equal to US12.8 million.Cash and bank account management Account availability Any corporation, financial institution and individual regardless of their business location or residential status can open accounts of any nature in any currency slots up casino (including RMB for general purpose) denomination with any bank in Hong Kong.155) ( the Ordinance ) and are regulated by the Hong Kong Monetary Authority (.In the past few years, there has been an increasing trend of: Integration into the customers back office, facilitating straight-through processing of transactions.In October 2011, all domestic mainland corporates were allowed to participate in the Dim Sum Bond market; and by December, channels were broadened to allow for the repatriation of offshore renminbi funds to China for foreign direct investment purposes.On the investment front, the Chinese market was liberalising, too.RMB cheques drawn on current accounts held with Hong Kong Participating Banks can be used both in Hong Kong and on the Mainland.The hkma is adopting a phased approach to resolution planning, as set out in Chapter RA-2 of the hkmas Code of Practice ( The hkmas Approach to Resolution Planning ). .Banking Law, the Banking Ordinance is the basis of the legal framework governing the banking sector.Recovery and resolution Responding to the Financial Stability Boards Key Attributes of Effective Resolution Regimes for Financial Institutions, the Financial Institutions (Resolution) Ordinance (the firo ) took effect on Under the firo, the hkma is the resolution authority for the banking sector and also designated.Norman Chan, Chief Executive of the Hong Kong Monetary Authority (the.Management A criteria for authorisation under the Banking Ordinance is that the hkma is satisfied that the chief executive and directors of an applicant are fit and proper. .AIs which are not category 1 institutions must, under rule 7 of the BCR, maintain a liquidity maintenance ratio ( LMR ) of not less than 25 on average in each calendar month. .We have seen the implementation of international initiatives (Basel III, OTC derivatives clearing and margining, recovery and resolution, etc.) as well as home-grown agenda items (such as financial inclusion). .In line with Hong Kongs focus on innovation, Hong Kong may consider a similar move to revamp its regulatory framework for fintech companies performing traditional banking functions, with a focus on deposit-taking.According to statistics published by hkma, total RMB deposits with authorised institutions stood at RMB1.1 trillion at the end of 2014.
Within Hong Kong, customers can make payments and fund transfers.
Guidance on the proper handling of customers personal data for the banking industry has been published by the Office of the Privacy Commissioner for Personal Data (the Privacy Commissioner ).