Regulatory Alerts2025-07-24
Added · Updated
Mandatory Reference Checking Scheme Phase 2
The Hong Kong Monetary Authority endorses Phase 2 of the Mandatory Reference Checking Scheme, which expands conduct-related background checks to cover licensed and registered staff in securities, insurance, and mandatory provident fund sectors. Effective 30 September 2025, authorized institutions must request information from former employers for these newly covered positions to mitigate the risk of 'rolling bad apples' in the banking sector. The regulator emphasizes that repeated non-compliance may indicate governance weaknesses and will be monitored during ongoing supervisory efforts.
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