Regulatory Alerts2022-07-28
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Sound practices for payment operations
The Hong Kong Monetary Authority issued this circular to outline sound practices for payment operations following recent operational incidents caused by IT system malfunctions. It requires authorized institutions to maintain high operational resilience by implementing robust business continuity plans, rigorous system testing, and dedicated monitoring teams. The regulator further mandates timely escalation of incidents, effective stakeholder communication, and periodic testing to ensure the stability of Hong Kong's financial infrastructure.
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