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Author Archives: hksar gov

FSDC releases report on digital identity and KYC utilities

The following is issued on behalf of the Financial Services Development Council:

     The Financial Services Development Council (FSDC) today (June 22) released a research report entitled the “Building the Technological and Regulatory Infrastructure of a 21st Century International Financial Centre: Digital ID and KYC Utilities for Financial Inclusion, Integrity and Competitiveness”. The report sets out key recommendations regarding digital identity and “know your client” (KYC) utilities for Hong Kong.
 
     The Chairman of the FSDC, Mrs Laura M Cha, said, “The application of technology for facilitating the provision of financial services is gaining traction globally. During the development of FinTech infrastructure to enhance the KYC process, Hong Kong also needs urgent regulatory fixes to improve customers’ account opening experience and, more importantly, to maintain the city’s financial competitiveness.”
 
     The report seeks to present the main features of an essential strategy to develop the necessary technological and regulatory infrastructure for digital identification and electronic-KYC in Hong Kong. The report recommends (i) an urgent revision of the current regulatory environment to facilitate non-face-to-face account opening; (ii) that the forthcoming electronic identity system consider elements necessary to support its use in digital and non-face-to-face customer identification; (iii) that a Hong Kong KYC utility (KYCU) be established to address due diligence requirements applicable to individual and legal entity customers – with the Government’s support and provision of system to check trusted data available via the KYCU, while the customers are the data owner; and (iv) that a KYCU working group be established to address the different issues and challenges in the spectrum.
 
     The full version of the report can be downloaded from the FSDC website: www.fsdc.org.hk.
 
About the FSDC
 
     The Hong Kong Special Administrative Region Government established the FSDC in 2013 as a high-level, cross-sectoral advisory body to engage the industry in formulating proposals to promote the further development of Hong Kong’s financial services industry and to map out the strategic direction for development.
 
     The FSDC set up five committees, namely the Policy Research Committee, the Mainland Opportunities Committee, the New Business Committee, the Market Development Committee and the Human Capital Committee, as the five streams of its work. read more

East Asia

Road works at Ka Wai Man Road and Ex-Mount Davis Cottage Area proposed

     The Government published in the Gazette today (June 22) the proposed road works to facilitate public housing development at Ka Wai Man Road and Ex-Mount Davis Cottage Area, Kennedy Town.

     Details of the proposal are set out in the Annex. The plan and scheme of the works are available for public inspection at the following government offices during office hours:

Central and Western Home Affairs Enquiry Centre,
G/F, Harbour Building,
38 Pier Road, Central, Hong Kong

District Lands Office, Hong Kong West and South,
20/F, Southorn Centre,
130 Hennessy Road, Wan Chai, Hong Kong

     The gazette notice, scheme, plan and location plan will be available at www.thb.gov.hk/eng/psp/publications/transport/gazette/gazette.htm.

     Any person who wishes to object to the works or the use, or both, is required to address to the Secretary for Transport and Housing an objection in writing, which can be submitted via the following means:
 

  • By post or by hand to the Transport and Housing Bureau’s drop-in box No. 6 located at the entrance on 2/F, East Wing, Central Government Offices, 2 Tim Mei Avenue, Tamar, Hong Kong. The box is available for use between 8am and 7pm from Monday to Friday (except public holidays);
  • By fax to 2868 4643; or
  • By email to gazettethb@thb.gov.hk.

     A notice of objection should describe the objector’s interest and the manner in which he or she alleges that he or she will be affected by the works or the use. Objectors are requested to provide contact details to facilitate communication. A notice of objection should be delivered to the Secretary for Transport and Housing not later than August 21, 2018. read more

East Asia

United Nations Sanctions (Democratic People’s Republic of Korea) (Amendment) Regulation 2018 gazetted

     The Government today (June 22) gazetted the United Nations Sanctions (Democratic People’s Republic of Korea) (Amendment) Regulation 2018 (the Amendment Regulation), which came into operation today.
 
     “The Amendment Regulation implements sanctions against the Democratic People’s Republic of Korea (DPRK) as imposed or expanded by the United Nations Security Council (UNSC) under Resolutions 2270, 2321, 2371, 2375 and 2397,” a Government spokesman said.
 
     The sanctions imposed under the Amendment Regulation include:
 

  • prohibition against the supply, sale, transfer and carriage of additional items, including aviation fuel, new helicopters, new or used ships, condensate oil, natural gas liquid, refined petroleum products, crude oil, iron, steel and other metals, industrial machinery, and transportation vehicles, to the DPRK or persons connected with the DPRK without licence;

  • prohibition against the supply, sale, transfer and carriage of additional luxury goods, including aquatic recreational vehicles, snowmobiles, luxury watches, lead crystal items, luxury rugs or tapestries, and porcelain or bone china tableware to the DPRK without licence;

  • prohibition against the supply, sale, transfer, and carriage to the DPRK or persons connected with the DPRK, and the procurement from the DPRK or persons connected with the DPRK, of additional items identified and designated by the UNSC, including certain items, materials, equipment, goods and technology related to weapons of mass destruction and conventional arms without licence;

  • prohibition against the procurement of additional items, including coal, iron or iron ore, gold, titanium ore, vanadium ore, rare earth minerals, copper, nickel, silver, zinc, lead or lead ore, textiles, statues, seafood, food and agricultural products, machinery, electrical equipment, earth and stone, wood and ships, from the DPRK or persons connected with the DPRK without licence;

  • prohibition against the carrying on of banking businesses by persons connected with the DPRK and the establishment and maintenance of offices by DPRK banks in the Hong Kong Special Administrative Region (HKSAR) without licence;
 
  • prohibition against certain business activities of financial institutions in the DPRK or in connection with DPRK banks without licence;

  • prohibition against the opening and maintenance of bank accounts for consular posts and accredited consular officers of the DPRK without licence, subject to a transitional arrangement;

  • prohibition against the provision of financial support for trade with persons connected with the DPRK without licence;

  • prohibition against the provision of specialised teaching or training that could contribute to the DPRK’s proliferation of sensitive nuclear activities or the DPRK’s development of nuclear weapon delivery systems, to nationals of the DPRK without licence;

  • prohibition against the engagement in any scientific or technical co-operation involving persons officially sponsored by the DPRK or persons representing the DPRK, without licence, except for medical exchanges;
 
  • prohibition against certain activities in connection with ships and aircraft without licence, including:

         (i) procuring ship or aircraft crewing services from the DPRK or persons connected with the DPRK;
         (ii) leasing or chartering ships or aircraft registered in the HKSAR to certain persons and entities;
         (iii) providing ship or aircraft crewing services to certain persons and entities;
         (iv) registering ships in the DPRK;
         (v) obtaining authorisation for ships to use the flag of the DPRK;
         (vi) owning, leasing, chartering or operating ships registered in the DPRK;
         (vii) providing ship classification, certification or associated services to certain ships;
         (viii) insuring ships registered in the DPRK;
         (ix) dealing with ships designated by the UNSC; and
         (x) facilitating or engaging in ship-to-ship transfers to or from a DPRK-registered ship. 
 
  • Prohibition against certain activities in connection with immovable property without licence, including leasing or making available immovable property to the DPRK Government for any purpose other than diplomatic or consular activities, and leasing immovable property from the DPRK Government; and engaging in certain activities linked to the use of immovable property that the DPRK Government owns or leases; and

  • Prohibition against the establishment, maintenance or operation of joint ventures or co-operative entities with persons connected with the DPRK and the investment in such joint ventures or co-operative entities without licence.
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East Asia