Regulatory Alerts2015-08-07
Added · Updated
Engagement of Intermediaries and Sales Agents by Authorized Institutions
The Hong Kong Monetary Authority mandates that Authorized Institutions cease using intermediaries for sourcing retail consumer financial products to mitigate fraud and data leakage risks. Banks are required to conduct phased critical reviews of their control systems regarding Sales Agents and internal marketing staff to ensure robust protection of customer personal data. These reviews must be completed and reported to the regulator within one, two, and four months respectively, with immediate implementation of any necessary control improvements.
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