Regulatory Alerts2002-02-22
Added · Updated
HKMA Circular on Bankruptcy, Consumer Credit Data Sharing, and Credit Card Best Practices
The Hong Kong Monetary Authority issued this circular to guide authorized institutions on sharing consumer credit data and controlling abuses of bankruptcy provisions. It mandates the use of credit reference agency facilities for reporting application and default data, while recommending enhanced due diligence and scrutiny of bankrupts to prevent fraud. The document also outlines recommended best practices for credit card operations to ensure prudent lending and risk management.
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