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HKMA reiterates regulatory refinements to make the private banking industry “more user-friendly”

Cheers should be sounding for the private banking industry as the Hong Kong Monetary Authority (HKMA) reiterated recent refinements made to the regulatory framework to clarify the definition of “private banking customers,” simplify business processes and revise the approach to assessing client suitability. The speech revisited the regulator’s decision in June this year to change the regulatory requirements governing the…

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