Regulatory Alerts2009-07-14
Added · Updated
Abuse and Fraud Prevention in Private Banking and Wealth Management: Management Control and Oversight
The Hong Kong Monetary Authority issued this guidance to establish management control and oversight frameworks for private banking and wealth management operations. It requires institutions to implement robust internal controls, including strict segregation of duties, comprehensive staff conduct rules, and regular monitoring of account activities and communications. The document mandates timely reporting of suspicious cases to senior management and authorities, alongside the maintenance of accurate management information systems to detect and prevent fraud.
Topics
Share