Regulatory Alerts2025-07-24
Added · Updated
Mandatory Reference Checking Scheme Phase 2
The Hong Kong Monetary Authority issues this circular to implement Phase 2 of the Mandatory Reference Checking Scheme for the banking sector. This regulatory framework requires authorized institutions to conduct mandatory reference checks to address the 'rolling bad apples' phenomenon within the industry. The measure aims to enhance banking conduct and enforcement by preventing individuals with poor professional histories from moving between financial institutions.
Topics
Share