Regulatory Alerts2022-12-30
Added · Updated
Supervisory Policy Manual IC-7: The Sharing and Use of Commercial Credit Data through a Commercial 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 policy mandates comprehensive participation by banks in contributing and accessing data for SME and unlimited companies, requiring explicit customer consent and strict information security safeguards. Non-compliance may jeopardize an institution's authorization under the Banking Ordinance, with the regulator reserving the right to restrict commercial credit business for those failing to adhere to these credit risk management controls.
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