Regulatory Alerts2017-11-24
Added · Updated
Complaints Watch Issue No. 10
The Hong Kong Monetary Authority issued Complaints Watch Issue No. 10 to highlight complaint trends from January to September 2017 and provide guidance on specific operational areas. The document requires banks to clearly present annualised percentage rates for unsecured personal loans, ensuring marketing materials transparently display incentive conditions and separate standard rates from benefits. It further instructs banks to apply proportionate customer due diligence measures for anti-money laundering compliance while adequately explaining data collection purposes to protect privacy and reduce customer inconvenience.
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.