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DPAs and Monitorships for Financial Institutions: The Future for Hong Kong?

September 2016
Hong Kong Lawyer
In recent years, deferred prosecution agreements (“DPAs”) have become a common tool for US prosecutors and regulatory bodies to reach an arrangement with financial institutions when wrongdoing is identified. DPAs regularly include a provision to appoint an independent compliance monitor to ensure that remedial actions promised by the bank are undertaken. What is the impact for financial institutions in Hong Kong and will we see local law enforcement adopting a similar approach in the future?
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