Regulatory Alerts2024-07-04
Added · Updated
Self-Assessment of Compliance with Supervisory Policy Manual Module TB-1 Regulation and Supervision of Trust Business
The Hong Kong Monetary Authority issued this circular to share the results of a self-assessment on compliance with Supervisory Policy Manual Module TB-1 conducted by authorized institutions from June to December 2023. The assessment found overall satisfactory compliance with no instances of non-compliance, though 12 instances of partial compliance were reported, primarily concerning corporate governance, internal controls, and risk management systems. The regulator reminded all institutions to maintain adequate systems and controls, implement remedial actions for identified issues by the third quarter of 2024, and promptly report any material non-compliance.
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