Regulatory Alerts2018-06-14
Added · Updated
Small-value Payment Services Through Internet Banking
The Hong Kong Monetary Authority raised the maximum daily transaction limit for small-value payments via internet banking without two-factor authentication to HK$10,000 per account. This regulatory change applies to all Authorized Institutions and takes immediate effect following consultation with the banking industry. Regulators remind institutions to maintain proper operational controls over these small-value payment transactions.
Our Ref.: B1/15C B9/29C 14 June 2018 The Chief Executive All Authorized Institutions Dear Sir/Madam, Small-value Payment Services Through Internet Banking I am writing to inform you that, following consultation with the banking industry, the Hong Kong Monetary Authority (HKMA) has decided to raise the maximum transaction limit for small-value payments conducted via Internet banking without two-factor authentication (2FA) to HK$10,000 per day per Internet banking account with immediate effect. AIs are reminded to ensure that they have proper operational controls over small-value payments. Should you have any questions regarding this letter, please feel free to contact Mr Michael Chan on 2878-1531 or Mr Terence Chan on 2878-1439. Yours faithfully, Raymond Chan Executive Director (Banking Supervision)