Regulatory Alerts2015-05-28
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Complaints Watch Issue No. 4
The Hong Kong Monetary Authority issued Complaints Watch Issue No. 4 to highlight complaint trends and enforce proper conduct standards among banks. The regulator mandated enhanced disclosure of early repayment terms for personal loans under the revised Code of Banking Practice to ensure customer understanding. Additionally, the document urges banks to strengthen internal controls regarding lost ID cards to prevent fraudulent account openings and unauthorized withdrawals.
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