Regulatory Alerts2015-10-08
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Complaints Watch Issue No. 5
The Hong Kong Monetary Authority issued Complaints Watch Issue No. 5 to highlight a 27% increase in banking complaints received between May and August 2015. The regulator requires banks to improve customer due diligence execution and front-line staff communication to address rising complaints regarding account closures and loan solicitations. Additionally, banks must strengthen internal controls over intermediaries and incentive schemes to prevent data misuse and ensure compliance with Treat Customers Fairly principles.
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