Regulatory Alerts2020-03-06
Added · Updated
Complaints Watch Issue No. 14
The Hong Kong Monetary Authority issued Complaints Watch Issue No. 14 to address complaint trends and guide banks on handling inquiries regarding long-standing or closed accounts and joint accounts involving mental incapacity. The regulator advises banks to review record retention policies to ensure basic information for closed accounts is preserved and to clearly explain terms regarding joint account operations when an holder becomes incapacitated. Banks are encouraged to maintain transparent policies and conduct regular reviews to minimize disputes and fairly protect the interests of all joint account holders.
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