All Hong Kong articles
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PremiumChinese regulators impose six-month ban, $62M fine on PwC’s China unit
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
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News BriefOFAC sanctions entities providing electronic components for Iranian weapons
Five individuals and seven entities in Iran, China, and Hong Kong have been targeted for U.S. sanctions by the Treasury Department’s Office of Foreign Assets Control for helping to obtain components used in Iran’s missles and drones.
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News BriefDOJ latest agency to charge crypto platform BitMEX for BSA/AML failures
The parent company of crypto-trading platform BitMEX is again facing charges of violating the Bank Secrecy Act, the latest in a string of punishments against the company and its founders for failing to implement adequate know your customer and anti-money laundering programs.
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News BriefOFAC sanctions nearly 50 entities for ‘shadow banking’ benefiting Iranian military
The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
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PremiumWhat future holds for PCAOB post China crackdowns
The Public Company Accounting Oversight Board’s first enforcement settlements with mainland China and Hong Kong firms won’t be the last, as the chair of the regulator says its “just getting started.” U.S. firms must be mindful of the specific ethical issues highlighted.
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PremiumCompanies get say on Biden executive order restricting China tech investments
President Joe Biden’s recent executive order to restrict certain outbound investments to China offers an opportunity for companies to help shape the program by offering input through comment.
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News BriefPCAOB finds ‘unacceptable’ deficiency rates in first China/Hong Kong inspections
The Public Company Accounting Oversight Board found seven of eight audit engagements it reviewed in China and Hong Kong contained “unacceptable rates” of deficiencies.
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ArticleSojitz Hong Kong subsidiary fined $5.2M for violating Iran sanctions
Sojitz HK agreed to pay approximately $5.2 million for violations of U.S. sanctions against Iran that occurred when rogue employees deliberately misled company executives and compliance regarding the true origin of goods worth more than $75 million.
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ArticleSEC approves rule establishing process for delisting foreign companies
The SEC approved a rule establishing the process for delisting foreign companies from U.S-based exchanges if they do not allow U.S. regulators to examine their finances.
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ArticleTreasury sanctions 11 individuals for undermining Hong Kong’s autonomy
The U.S. Department of the Treasury announced sanctions against 11 individuals for “undermining Hong Kong’s autonomy and restricting the freedom of expression or assembly of the citizens of Hong Kong.”
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ArticleKudos to TikTok, tech brethren; Starbucks & Luckin have us soured on coffee cos.
In the inaugural edition of our weekly “Nailed It or Failed It?” feature, we give TikTok and other tech companies a pat on the back and shake our heads at the actions of Starbucks and Luckin Coffee.
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Article
Hong Kong’s SFC fines RHB Securities Hong Kong $6.4M
Hong Kong’s Securities and Futures Commission has fined RHB Securities Hong Kong $6.4 million for failing to comply with regulatory requirements on conflicts of interest and supervision of account executives.
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Article
Hong Kong, Singapore regulators fine UBS $59M for client overcharges
Swiss bank UBS will pay $59 million in total civil penalties in resolutions with both Hong Kong and Swiss regulators for overcharging clients for over a decade.
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Blog
How Hong Kong is combating corruption: A year-end review
Speaking at a press conference this month, Hong Kong’s Independent Commission Against Corruption discussed its continued efforts in combating corruption and enhancing ethical management and staff integrity within companies.