On 21 Nov 2025, the HKMA implemented an immediate revision to SPM Module IB-1 to align with current regulatory requirements from the HKMA and Insurance Authority, with a specific focus on reinforcing corporate governance standards and clarifying senior management responsibilities for insurance intermediary business supervision.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
Opening Bank Accounts: Duties of Banks in Hong Kong to Combat Tax Evasion
Hong Kong money laundering laws require banks to assess the risk of tax evasion in evaluating bank account opening applications. Prospective customers applying
Opening a Bank Account in Hong Kong: Latest Regulatory Developments
For many new businesses, opening a bank account is a mission critical task. Unfortunately, as a result of significant growth in laws intended to combat money l
SPOTLIGHT ON
FAMILY OFFICES
Revision of SPM Module IB-1 Effective Immediately
On 21 Nov 2025, the Hong Kong Monetary Authority (HKMA) issued a revised version of the Supervisory Policy Manual (SPM) Module IB-1 titled 'Supervision of Insurance Intermediary Business of Authorized Institutions' as a statutory guideline under section 7(3) of the Banking Ordinance, effective immediately upon publication.
Key Objectives of the Revision
The revisions primarily aim to incorporate the latest regulatory requirements and guidance issued by the HKMA and the Insurance Authority, while explicitly reiterating regulatory expectations concerning corporate governance and internal controls, including the specific responsibilities of responsible officers and senior management within authorized institutions.
View the full article:Source
