Regulatory Alerts2005-06-15
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Review of Terms and Conditions of Banking Services other than Safe Deposit Box Service
The Hong Kong Monetary Authority issued this circular to report on the compliance review of banking terms and conditions conducted by authorized institutions. The review revealed that 57% of reporting institutions had terms inconsistent with the Code of Banking Practice, primarily due to liability exemption clauses excluding negligence. The Authority mandates that all non-compliant institutions rectify these issues by September 30, 2005, and adhere to strict principles regarding the reasonableness and visibility of any remaining liability limitations.
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