Regulatory Alerts2014-08-20
Added · Updated
Engagement of External Business Referral Service Providers
The Hong Kong Monetary Authority issued this Circular on 20 August 2014 to regulate the engagement of external business referral service providers by all authorized institutions. The document mandates that authorized institutions maintain effective internal controls and ensure proper oversight when outsourcing or insourcing business referral activities. It aligns with existing supervisory expectations regarding outsourcing arrangements and complaint handling procedures.
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