More than 70 per cent of executives in Hong Kong expect an increase in financial crime in 2025, while only 18 per cent believe their organisation’s compliance programme is “very effective”, according a report from Kroll, a financial and risk advisory firm. The report, released Monday, surveyed more than 600 respondents worldwide between September and…
By Pretish M J in Bengaluru and Michael Martina LAWMAKERS in the U.S. House of Representatives have asked Treasury Secretary Janet Yellen to rethink ties with Hong Kong’s banking sector, saying the city has become a top location for money laundering and sanctions evasion. Hong Kong has turned into a hub for many violations of…
Banks in Hong Kong are doing a better job than expected at taking full responsibility and reimbursing lost funds after fraud events related to online banking or financial apps, according to a survey by financial technology company FIS. Some 53 per cent of the respondents said their banks assumed full responsibility and reimbursed all the…