Regulatory Alerts2014-08-20
Added · Updated
Engagement of External Business Referral Service Providers
The Hong Kong Monetary Authority issued this circular to alert Authorized Institutions to risks associated with external business referral service providers following public complaints about unfair practices. It requires institutions to exercise due diligence in selecting providers, ensure fair customer treatment, and maintain robust complaint handling and record-keeping procedures. The regulator mandates compliance with outsourcing controls under SPM SA-2 and the Personal Data (Privacy) Ordinance, while reserving the right to monitor adherence to these supervisory expectations.
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