The Hong Kong Monetary Authority (HKMA)’s Bank Culture Reform program is now in its eighth year. Phase 2 of its misconduct-sharing scheme, which expanded last year, covers more than 50,000 banking professionals. The message for compliance teams everywhere is that regulators are moving from prescribing rules to evaluating whether culture actually works.
Every bank in the world has a conduct policy. The Hong Kong Monetary Authority (HKMA) wants to know if any of them work.
