Regulatory Alerts2021-11-18
Added · Updated
Handling of dormant accounts and unclaimed deposits
The Hong Kong Monetary Authority issued this circular to set out expectations for Authorized Institutions regarding the handling of dormant accounts and unclaimed deposits. It requires banks to implement mechanisms for customer education, periodic account reviews, and reasonable efforts to contact inactive holders. Additionally, institutions must monitor for unauthorized transactions, authenticate identities upon reactivation, and verify the status of deceased account holders to facilitate the reunification of assets with rightful beneficiaries.
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