MyComplianceOffice Blog

Hong Kong has become one of the most corruption-free nations in the world. The Transparency International 2022 Corruption Perceptions Index (CPI), the most widely used global corruption ranking system, lists Hong Kong as the 12th most ‘clean’ nation out of 180. The system measures how corrupt a country’s public sector is perceived to be, according to experts and businesspeople.

The financial services industry brings substantial responsibilities for those working within it, often far beyond other professions. After all, dealing with money brings significant consequences when managed incorrectly. The outcomes of improper financial management, unethical behaviour, and conflicts of interest can impact not only the lives of clients but also financial advisers who fail to meet the standards of regulators or their firms.

Cases of insider trading and securities compliance failures have made headlines in recent years. And for a good reason. Financial markets rely heavily on high liquidity, making it easy to trade securities without affecting price. However, when markets are manipulated, liquidity is affected, transaction costs can increase, and investor returns are reduced.

Organisations across the globe invest heavily in resources to strengthen relationships between the business and employees and create the best outcomes. Know Your Employee (KYE) initiatives centred around the recruitment process can result in high-quality talent acquisition. Background checking, identity verification, certifications, and other aspects are a high priority - and it’s no wonder. After all, the cost of replacing an employee is significant. ELMO & HRMI’s 2022 ANZ benchmark report shows an average of AUD $23,860 and 40 days to make new hires.

“Remember - NO TWO-TIMING - NO MOONLIGHTING”, reads a recent email from Infosys to its employees. The communication stresses the clauses of Infosys employment contracts, which restrict its employees from taking up secondary employment.