Regulatory Alerts1995-06-29
Added · Updated
Custody by Authorised Institutions of Customers' Passports
The Hong Kong Monetary Authority issued guidelines to regulate the practice of authorised institutions retaining customers' passports as loan collateral. The directive mandates that institutions issue formal receipts, ensure secure storage, and release passports upon proof of genuine need regardless of outstanding debt. Compliance with these standards will be monitored through on-site examinations and management discussions.
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