Regulatory Alerts2024-12-19
Added · Updated
Engaging more than one Credit Reference Agency under Credit Data Smart
The Hong Kong Monetary Authority requires all retail and digital banks to engage more than one Credit Reference Agency under Credit Data Smart to strengthen operational resilience. Banks must be capable of switching to an alternative provider within 24 hours of a service disruption and must conduct annual drills to validate data reliability and migration capabilities. Compliance mandates that agreements with multiple agencies are in place by January 2025, with full implementation required no later than the end of the third quarter of 2025.
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