Regulatory Alerts2018-10-08
Added · Updated
Monetary Authority Notice on Recurrent Contraventions of the Banking Ordinance
The Hong Kong Monetary Authority issued this notice to highlight recurrent contraventions by Authorized Institutions of specific notification requirements under the Banking Ordinance. The regulator mandates that institutions enhance their internal control systems and processes to prevent future breaches of provisions concerning relevant individuals, corporate alterations, specified persons, and managers. Failure to comply may result in criminal liability for directors and managers, and the Authority reserves the right to commission auditor reports on the adequacy of internal systems.
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