Regulatory Alerts2023-06-20
Added · Updated
Major Enhancements on Protection of Payment Card Customers
The Hong Kong Monetary Authority issued guidance requiring authorized institutions to strengthen payment card customer protection across empowerment, support, security, and responsible borrowing. Banks must implement measures such as allowing cardholders to control card-not-present transactions, enhancing authentication methods, and improving transparency regarding credit limits and repayment options. Compliance with requirements involving no system changes is mandated by the end of June 2023, while those requiring system updates must be completed by the end of 2023.