Regulatory Alerts2022-06-28
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Complaints Watch No. 20
The Hong Kong Monetary Authority issued Complaints Watch No. 20 to highlight complaint trends from January to May 2022 and address emerging risks in digital banking. The document outlines sound practices for Authorized Institutions managing business partnerships with online personal financial service platforms to ensure timely gift fulfillment and effective complaint handling. It further mandates enhanced fraud prevention measures in loan application processes, including strict identity verification and collaboration with law enforcement to combat scam-related loan fraud.
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