Tue Aug 17 HKT (2 months ago)
In your timezone (EDT): Tue Aug 17 3:00am - Tue Aug 17 4:00am
This will address the recent SFC Circular to Licensed Corporations (LCs) on Operation of Bank Accounts. The circular requires all LCs to critically review their existing policies , procedures and internal controls to ensure full compliance by 3 January 2022.
To provide proper context to the circular, we will cover the background to the SFC’s rules on internal controls:
• What are the current internal control rules and where are they found?
• What are the problems with them?
• Enforcement actions involving breaches of internal controls
We will also address senior management accountability against the backdrop of the Managers-In- Charge (“MIC”) Regime:
• Overview of MIC Regime.
• Recent trends and enforcement actions.
• How to manage the attendant increased regulatory risk to MICs with this new circular.
Kher Sheng Lee
Managing Director, Co-Head of APAC and Deputy Global Head of Government Affairs, AIMA
Partner, Allen & Overy
Director, S2 Compliance Limited