Regulatory Alerts2016-07-08
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Complaints Watch Issue No. 7
The Hong Kong Monetary Authority issued Complaints Watch Issue No. 7 to highlight complaint trends from January to April 2016 and address specific operational deficiencies in banking practices. The regulator requires banks to ensure front-line staff correctly interpret Hong Kong Identity Card symbols for residency verification and to promptly rectify systems that send SMS messages to unrelated third parties due to outdated contact data. These measures aim to prevent customer inconvenience, avoid excessive data collection, and improve the handling of complaints from non-customers affected by bank errors.
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