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.
CIR
Current
Issue Date:
24 Jul 2025
20250723-1-EN.pdf (685.1 KB)
Topic:
Banking Conduct & Enforcement - Enforcement/Discipline
Group:
All Authorized Institutions
Directly related Document
Cross referenced Document
Version History
Superseded Document
Directly related Document
CPR
Archive
03 May 2021
HKMA Response: Consultation on Implementation of Mandatory Reference Checking Scheme to address the “Rolling Bad Apples” Phenomenon
CPR
Archive
08 May 2020
Consultation Paper on Implementation of Mandatory Reference Checking Scheme to Address the “Rolling Bad Apples” Phenomenon
CIR
Archive
05 May 2022
Mandatory Reference Checking Scheme
Directly related Document
CPR
Archive
03 May 2021
HKMA Response: Consultation on Implementation of Mandatory Reference Checking Scheme to address the “Rolling Bad Apples” Phenomenon
CPR
Archive
08 May 2020
Consultation Paper on Implementation of Mandatory Reference Checking Scheme to Address the “Rolling Bad Apples” Phenomenon
Version History
CIR
Archive
05 May 2022
Mandatory Reference Checking Scheme
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