Regulatory Alerts2016-11-18
Added · Updated
Guideline on Approval and Revocation of Approval of Money Brokers
The Monetary Authority of Hong Kong issues this guideline to define the authorization regime, approval criteria, and revocation grounds for money brokers under the Banking Ordinance. It establishes mandatory requirements regarding the identity of controllers, fitness and propriety of directors, adequate financial resources, and robust accounting and control systems. The document further details the MA's discretionary powers to attach conditions to approvals and revoke them based on specific grounds such as failure to meet ongoing criteria or provision of materially false information.
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