Regulatory Alerts2024-12-20
Added · Updated
Measures to protect bank customers from authorized payment scams
The Hong Kong Monetary Authority issued guidance requiring Authorized Institutions to implement comprehensive frameworks to prevent, detect, and disrupt authorized payment scams. The measures mandate dynamic monitoring systems, prompt customer alert handling, risk mitigating actions, intelligence sharing, and proactive participation in anti-deception initiatives. Institutions must review their existing frameworks and fully implement these requirements by 30 June 2025.