By Richard Mazzochi, Minny Siu and Urszula McCormack King & Wood Mallesons’ Hong Kong office.

On 6 February 2018, the Hong Kong Monetary Authority (“HKMA”) published a revised Guideline on Authorization of Virtual Banks (“Guideline”). The Guideline sets out principles that the HKMA will consider when deciding whether to authorise virtual banks to conduct banking business in Hong Kong.
Continue Reading Virtual banking in Hong Kong and China

By Bill Ye , Jessie Yu and Mona Lan  King & Wood Mallesons’ Commercial & Regulatonry group

ye_billIn February, the Measures on the Due Diligence of Non-resident Financial Account Information in Tax Matters (draft for comment) (hereinafter referred to as “the Measures”) issued by the State Administration of Taxation (“SAT”) has attracted the attention of many high net worth individuals in China. This series of articles will canvas interpretation of the Measures in a systematic way and potential responses.

In the first place, it should be remembered that this is a tax matter in nature. Along with the development of an international economy and trade as well as increasing globalization, more and more taxpayers conduct cross-border transactions by using offshore financial accounts and these accounts have become important information sources for tax regulation. However, it is usually impracticable for tax authorities to collect information about such accounts.Continue Reading When Banks Meet Tax Authorities — Key Issues that Lawyers Should Know About Tax Administration in the New Finance Era (I)

By Urszula McCormack and Matthew Howlett  king & Wood Mallesons’ Hong Kong Office.

Tmccormack__uhe Money Authority of Singapore’s recent announcement that it intends to withdraw BSI Bank Limited’s licence highlights the potentially severe consequences for banks breaching their AML obligations – and a trend beyond mere financial penalties. It also highlights the ever-increasing risks

By Stanley Zhou Minny Siu Janet Gu King & Wood Mallesons

CZhou_Xinhminnyina’s bond market is the world’s third largest bond market in the world in terms of trading volume. China has two main bond markets: the inter-bank bond market (“Inter-bank Bond Market”), which is primarily regulated by the People’s Bank of China (“PBOC”)