On 15 Apr 2025, the HKMA updated on the Banking Industry Integrity Charter (BIIC), noting 48 AIs have joined since its October 2024 launch and highlighting a March 2025 training course for Integrity Officers. The HKMA strongly recommends all AIs join the BIIC and reiterated existing obligations for prompt corruption reporting to ICAC and full cooperation with investigations.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Introduction
On 15 Apr 2025, the Hong Kong Monetary Authority (HKMA) issued a circular updating the Banking Industry Integrity Charter (BIIC) status and reinforcing key obligations for Authorized Institutions (AIs) regarding anti-corruption practices.
BIIC Status and Training Update
The BIIC, launched in October 2024 by the Independent Commission Against Corruption (ICAC) with HKMA's full support, has seen 48 AIs join to date. The HKMA highlighted the successful March 2025 training course for Integrity Officers, which covered emerging corruption trends, ICAC's regulatory perspective on corporate culture, and scenario-based risk management workshops. Participants also received updates on ICAC's suite of training materials, including Online Integrity Training Workshops for bank staff.
HKMA's Recommendation and Key Obligations
The HKMA strongly recommends all AIs join the BIIC to strengthen integrity culture and anti-corruption capabilities. Concurrently, the circular reminds AIs of two critical existing obligations: (a) promptly reporting suspected corruption to ICAC without requiring full evidence, referencing ICAC's Guide to Reporting Corruption; and (b) providing immediate, full assistance to ICAC investigations, including timely provision of requested information or records under specified powers.
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