Regulatory Alerts2024-12-03
Added · Updated
Requirements on Money Safe Protection for Anti-Fraud
The Hong Kong Monetary Authority mandates Authorized Institutions to offer a voluntary 'Money Safe' protection mechanism that segregates retail customer deposits to prevent unauthorized outflows. Institutions must implement stringent face-to-face verification processes before releasing any protected funds and ensure timely notification of protection status to customers. This framework aims to enhance customer empowerment against fraud and scams by requiring clear communication and proactive awareness campaigns, particularly for vulnerable demographics.