Regulatory Alerts2017-01-12
Added · Updated
Circular on Operational Incidents Watch Issue No. 7
The Hong Kong Monetary Authority issued this circular to highlight lessons from two operational incidents involving insufficient credit card application evaluation and incorrect OTC derivatives trade capture. The regulator requires authorized institutions to enhance fraud detection by verifying original identification documents, treating nil credit records as high-risk, and implementing stricter controls for trade confirmation follow-ups. These measures aim to prevent material financial losses and protect customers from similar operational failures.
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