Regulatory Alerts2021-08-13
Added · Updated
Complaints Watch No. 18: Protecting Customers from Investment Scams
The Hong Kong Monetary Authority issued Complaints Watch No. 18 to address a surge in complaints regarding investment scams involving Authorized Institutions during June and July 2021. The regulator requires banks to enhance control systems, share intelligence through the Fraud and Money Laundering Intelligence Taskforce, and strengthen consumer education to detect and disrupt fraudulent activities. Key measures include incorporating risk indicators into anti-money laundering frameworks, utilizing advanced technologies for account monitoring, and reinforcing public awareness campaigns against stooge account networks.
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