Regulatory Alerts2016-08-31
Added · Updated
Operational Incidents Watch Issue No. 6
The Hong Kong Monetary Authority issued this newsletter to highlight lessons from two operational incidents affecting authorized institutions. The first case involved insufficient controls over the storage of customer title deeds, leading to missing documents and financial losses due to poor supervision and record-keeping. The second case concerned the underpayment of stamp duty on over-the-counter transactions caused by flawed calculation processes that failed to account for client leg transfers.
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