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Authored by: Simon Deane and Sally Lau
On 14 March 2023, the Hong Kong Monetary Authority (“HKMA”) issued a circular (“Circular”) in relation to the Corruption Prevention Guide for Banks (“Guide”) published by Hong Kong’s Independent Commission Against Corruption (“ICAC”). The Guide was published with the support of the HKMA and the banking industry.
The ICAC developed the Guide to assist Authorized Institutions (“AIs”) in the establishment and strengthening of their corruption prevention capabilities. The Guide also includes recommended measures to be adopted by different institutions in the industry. AIs may adopt these measures to suit their operational needs while adhering to the principles.
The HKMA believes that this Guide is a useful tool for AIs to enhance their management personnel’s awareness, knowledge and competence in corruption prevention. By providing a variety of case studies, the Guide helps raise business, compliance and audit managers’ awareness of corruption risk exposures, malpractices and red flags faced by the AIs. The HKMA further recommends practicable mitigation actions and safeguards to help AIs develop a more comprehensive corruption prevention system.
The HKMA strongly recommends adoption of the Guide’s principles by all AIs operating in Hong Kong, by practitioners in the banking industry, and by anyone with an interest in promoting probity standards and ensuring business integrity.
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