Regulatory Alerts2009-07-14
Added · Updated
Abuse and Fraud Prevention in Private Banking and Wealth Management
The Hong Kong Monetary Authority issued this circular to require authorized institutions to strengthen management controls and oversight in private banking and wealth management to prevent staff abuses and fraud. The regulator mandates specific safeguards including strict limits on hold-mail services, zero tolerance for transaction exceptions, and robust independent verification processes for customer instructions and address changes. Institutions must also implement confidential whistleblowing channels, ensure timely reporting of suspicious activities to senior management and authorities, and conduct priority reviews of their operations to ensure compliance with these enhanced risk mitigation measures.
More like this from HKMA
HKMA published 11 documents in the last 30 days. We email you each new one the day it's published.