A business-friendly approach
OpRisk & Compliance spoke to Simon Topping, executive director – banking policy of the Hong Kong Monetary Authority, to get his view of the changing regulatory environment in Hong Kong, with particular reference to its approach to operational risk and anti-money laundering practices
Over the past few years, can you outline the most significant developments at the HKMA?
On the banking supervision side, the main preoccupations over the past few years have been implementation of Basel II, anti-money laundering/ terrorist financing (AML/CFT), the introduction of deposit protection, and enhancing regional co-operation.
Basel II has been very significant, because it has provided an umbrella under which we have been able to shift the focus of supervision away from compliance and
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