Regulatory Alerts2015-11-30
Added · Updated
Operational Incidents Watch Issue No. 4
The Hong Kong Monetary Authority issued this newsletter to highlight lessons from two operational incidents involving factoring financing fraud and unauthorized premises access. It details how inadequate verification of transaction documents and debtor information enabled borrowers to obtain financing through fraudulent means. The regulator also outlines control failures regarding the management of staff on garden leave, which allowed a former employee to access confidential data without authorization.