Regulatory Alerts2022-11-16
Added · Updated
Supervisory Policy Manual IC-7: Sharing and Use of Commercial Credit Data through a Credit Reference Agency
The Hong Kong Monetary Authority issues this statutory guideline to establish minimum standards for Authorized Institutions regarding the sharing and use of commercial credit data via a Commercial Credit Reference Agency. The document mandates comprehensive participation by banks in the CCRA scheme, requiring them to obtain customer consent for data disclosure and implement robust safeguards to ensure information security and accuracy. Non-compliance with these requirements may jeopardize an institution's authorization under the Banking Ordinance and its credit risk management systems.
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