Due to the stepping up of international efforts in combating illegal activities including money laundering, terrorist financing and tax evasion in recent years, banks have to take enhanced control measures including a more stringent customer due diligence process to mitigate the potential risks for new customers.  As a result, the account opening process is more complex and requires longer time.

Although opening a bank account is essential to business operations, business operators must not offer advantages (including money or gifts) to bank staff for the latter's approving or expediting the account opening application, otherwise both the business operator and the bank staff may violate the Prevention of Bribery Ordinance (POBO) enforced by the ICAC for offering or accepting a bribe respectively.  The maximum penalty is a fine of $500,000 and seven years' imprisonment.

Hong Kong Business Ethics Development Centre (HKBEDC), under Community Relations Department of the ICAC, strives to help banks and financial institutions guard against corruption and foster an ethical culture. Click here to visit HKBEDC website for more information about anti-bribery laws and HKBEDC's services.

If you suspect corruption, please call the ICAC 24-hour Report Hotline at (852) 25 266 366.

The highlights of this issue include:

• continuation of anti-corruption initiatives on various online platforms under the COVID-19 pandemic;
• the launch of the "Reading for Integrity" moral education programme to pass on positive values to the young generations;
• ICAC's former Director of Corruption Prevention taking on new international role;
• more global recognitions on Hong Kong's anti-corruption efforts; and
• ICAC Annual Report 2019.

Please click here for the 40^th issue of the ICAC Post.

The COVID-19 pandemic has dealt a heavy blow to the global economy as well as people's livelihood.  While the virus has posed a significant challenge to Hong Kong, the ICAC has remained relentless during the pandemic in battling corruption.  The latest "ICAC Post" summarises the corruption situation of Hong Kong in the first half of 2020, and ICAC's efforts in law enforcement, prevention and education during the pandemic.  It also reports Hong Kong's latest international ranking in the "World Competitiveness Yearbook 2020" and the establishment of the Hong Kong national security law.

Please click here to view the ICAC Post.

The Hong Kong Business Ethics Development Centre continues to serve as a supporting organisation for the HKIB Annual Banking Conference this year and encourages banking executives and related professionals to join the event.

The theme of this year's event is "Innovation and Transformation: A Brave New World of Banking".  It will focus on how digital transformation, innovation and the addition of virtual banks into Hong Kong's banking system have revolutionised the industry by opening the doors to better user experience, product innovation, cost and operational efficiency and delivery channels.  Details of the event as below:

Please visit the event website for details and early bird rate is available for enrolment by 31 July 2020. For enquiries, please call HKIB at 2153 7800 or email to bankingconference@hkib.org.

The month of May marks the Silver Jubilee of the Hong Kong Business Ethics Development Centre (HKBEDC). Reaching this important milestone, HKBEDC further enhances its effort in promoting business and professional ethics through the following new initiatives:

Newly revamped HKBEDC website - With a fresh new look, enhanced functionality and enriched content, the latest anti-corruption resources and the Centre's updates are now at your fingertips! Visit us at https://hkbedc.icac.hk now!

The new LinkedIn page – HKBEDC just set foot in the LinkedIn to expand our connection with the business community.  Follow us now to get our latest news.

The new service hotline – Our new service hotline 2826-3288 is now in operation, providing you the same professional service with a more easy-to-remember telephone number!

Connect with us and stay tuned for more news and upcoming activities from the HKBEDC!

The highlights of this issue include:

• the ethics training and resource materials provided for professional accountants by the Hong Kong Business Ethics Development Centre, including the newly launched feature article series;

• the sharing from two overseas participants who joined the ICAC’s Chief Investigators’ Command Course;

• a glimpse of ICAC’s latest anti-corruption dialogues;

• Hong Kong’s latest ranking in global competiveness; and

• ICAC’s “All for Integrity” publicity programme video for the International Anti-Corruption Day.

Please click here for the 38th issue of the ICAC Post.

The Hong Kong Business Ethics Development Centre (HKBEDC) serves as a supporting organisation for the 10th Business Ethics Forum (BEF), and encourages business leaders and practitioners from the financial services industry and professional services companies to join the event.

BEF is one of the signature events of the Hong Kong Securities and Investment Institute (HKSI Institute). With the theme “Business Ethics in the Digital Era”, this year’s BEF has invited influential and prominent leaders and regulators from the financial services industry to discuss on ethical digital framework, including big data, machine learning and artificial intelligence ethics, from different perspectives. Details of the event are as below:

• Date: 7 February 2020 (Friday)

• Time: 9:00am to 2:30pm

• Venue: JW Marriott Hotel Hong Kong

• Hours: 4 SFC CPT / PWMA OPT hours; 1 IA CPD hour

• Registration: Click here

Please view the programme flyer or visit the event webpage for more details. For enquiries, please call Ms Angela Chan of HKSI Institute at 3120-6147 or email to bef@hksi.org.

Hong Kong remains a safe and world-class city with unlimited potentials amidst the recent challenges. Results of a few international surveys were referenced to prove Hong Kong’s effective rule of law with respect to independent judiciary, robust anti-corruption regime, as well as effective and sound legal system. Paramount to the rule of law and sustainable growth of the economy is the ICAC's unwavering commitment to preventing and fighting corruption in both the public and private sectors.

Please click here to view the ICAC Post.

The Hong Kong Business Ethics Development Centre (HKBEDC) has jointly organised thematic seminars with various professional bodies and trade organisations to promote good governance and professional ethics in the business sector. Some major seminars scheduled for September and October include the following:

For enquiries, please contact the above organisations, or call the HKBEDC hotline at 2587-9812.