Regulatory Alerts2011-05-24
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Mystery Shopping Programme Findings
The Hong Kong Monetary Authority engaged the Hong Kong Productivity Council to conduct a mystery shopping exercise assessing the sales practices of 20 retail banks regarding unlisted securities, futures products, and structured deposits. The findings revealed high compliance with Know-Your-Client requirements but identified significant shortcomings in risk disclosure, suitability assessments, and the handling of vulnerable customers. The HKMA has required the affected banks to implement corrective actions and will incorporate these findings into future supervisory plans and regulatory circulars.
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