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Insurance Authority testing the waters on its first ‘fast track’ licence

A recent statement from the Insurance Authority’s (“IA”) CEO Mr Clement Cheung indicated that the IA is set to approve its first authorised insurer licence under the “fast track” system.  Approval is expected by the end of the year. In this post, we recap what the IA’s fast track system is, before quickly outlining the significance of this milestone for …

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The new frontier in sanctions – OFAC and Bitcoin

This post was written by Urszula McCormack, Leonie Tear and Jack Nelson The United States Department of the Treasury’s Office …

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Decentralised exchanges feel the heat

This post was written by Urszula McCormack, Richard Mertl, Leonie Tear and Jack Nelson Combine a smart contract with a …

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“Mastermind” nominee and warehousing arrangements under scrutiny

Nominee and warehousing arrangements can serve important purposes. However, they are also ripe for abuse. Hong Kong’s Securities and Futures …

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E-sports – a new ball game

For those who watched the team selection day for the NBA 2K league, you may have been forgiven for being …

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Economic warfare – making sense of the latest sanctions against Iran

The United States (“US”) has continued to strengthen its sanctions against Iran. This post provides a synopsis of the latest …

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New AML/CTF rules for money lenders in Hong Kong

Hong Kong continues to keep up the pace on anti-money laundering and counter-terrorist financing (“AML/CTF”) reforms in 2018. The Companies …

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Latest SFC inspection findings on AML/CTF systems and controls: a warning shot to the industry

The Securities and Futures Commission (“SFC”) issued a robust circular on 31 August 2018 in relation to the adequacy of …

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Putting a stop to slavery: Hong Kong reforms on the horizon?

This post was written by Urszula McCormack and Nikita Ajwani With an estimated 40.3 million slavery victims globally[1], and an …

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“Sorry, not sorry” – what do you need to know about the apology legislation in Hong Kong?

On 13 July 2017, the Hong Kong Legislative Council (“LegCo”) passed the long-awaited Apology Bill. It came into effect on …

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Hong Kong customer due diligence requirements: address proof no longer required

Hong Kong’s financial institution regulators have announced a significant change to the customer due diligence (“CDD“) requirements for anti-money laundering …

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