Regulatory Alerts2004-12-17
Added · Updated
Review of Terms and Conditions for Safe Deposit Box Service
The Hong Kong Monetary Authority issued this circular to report on a review of safe deposit box terms and conditions, finding that 24 out of 27 authorized institutions used exemption of liability clauses inconsistent with the Code of Banking Practice. The regulator requires these institutions to amend their clauses to ensure they are legally enforceable, reasonable, and properly disclosed to customers, particularly regarding liability for negligence. Authorized institutions must submit a compliance report to the HKMA by 31 March 2005 confirming any necessary changes or explaining delays.
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