Regulatory Alerts2024-12-03
Added · Updated
Enhancing Customer Empowerment in Anti-Fraud-and-Scam Protection through Money Safe and Disabling Internet Banking
The Hong Kong Monetary Authority mandates Authorized Institutions to introduce a "Money Safe" protection layer allowing retail customers to shield deposits from unauthorized outflows. Banks must also provide an option to disable the setup of internet banking platforms for accounts, a measure designed to prevent fraudsters from manipulating customers into enabling digital access. Retail banks are required to implement these protections by 31 December 2025, with the internet banking disablement option preferably in place by 30 June 2025.