Regulatory Alerts2019-01-25
Added · Updated
Handling Procedures for Following up Mis-transfer of Funds
The Hong Kong Monetary Authority issued a circular requiring Authorized Institutions and Stored Value Facility licensees to adopt standardized procedures for handling customer reports of erroneously transferred funds. These procedures mandate specific timelines for acknowledging reports, contacting recipients, and documenting recovery efforts, with final responses to customers due within 20 working days. Institutions must also implement staff training and conduct customer education regarding error prevention and the criminal liability associated with retaining mis-transferred funds.
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