Hong Kong has launched a new initiative aimed at combating corruption within its banking sector.
The Hong Kong Monetary Authority (HKMA), the Hong Kong Association of Banks (HKAB), and the Independent Commission Against Corruption (ICAC) joined forces to introduce the Banking Industry Integrity Charter.
The charter is a collaborative effort to enhance anti-corruption measures and ethical practices across the industry.
It will provide tailored anti-corruption recommendations, sharing case studies, and offering thematic training to help banks build robust integrity frameworks.
The launch ceremony was attended by senior management from 30 major retail and private wealth management banks, along with representatives from the Chinese Banking Association of Hong Kong and the Private Wealth Management Association.
The ICAC developed the charter to facilitate public-private partnerships and provide banks with tailored anti-corruption recommendations, resources, and training.
Participating banks also commit to strengthening their internal anti-corruption frameworks and fostering a culture of integrity among their partners.
The ICAC also unveiled the Integrity Charter’s official logo during the ceremony, which was officiated by HKMA Chief Executive Eddie Yue, ICAC Commissioner Woo Ying-ming, and HKAB Chairman Luanne Lim.
Further information about the charter can be found on the ICAC’s Corruption Prevention Advisory Service webpage.
Eddie Yue, Chief Executive of the HKMA, said,
“Customer trust is an important pillar for the sustainable development of the banking industry. The professionalism and ethical conduct of banks and their frontline staff are key to building customer trust.
The launch of the Integrity Charter by the ICAC is conducive to maintaining the stability of the Hong Kong banking system, and also helps to consolidate and enhance Hong Kong’s status as an international financial centre. It provides strong support for the Hong Kong banking industry to develop new markets, including the Middle East and Southeast Asia.”
Woo Ying-ming, Commissioner of the ICAC, added,
“Hong Kong is widely recognised as one of the most corruption-free places in the world and its financial sector is vibrant and thriving.
The Integrity Charter combines the two advantages of Hong Kong – integrity and finance – underlining the banking industry’s commitment to integrity and enhancing its anti-corruption capabilities, to maintain and develop Hong Kong’s position as an international financial centre.”
Featured image: (From right) Eddie Yue, Chief Executive of the Hong Kong Monetary Authority; Woo Ying-ming, Commissioner of the Independent Commission Against Corruption (ICAC); and Luanne Lim, Chairman of the Hong Kong Association of Banks and Chief Executive Officer, Hong Kong of HSBC
