Regulatory Alerts2013-11-29
Added · Updated
Supervisory Policy Manual Module IC-6: Sharing and Use of Consumer Credit Data through Credit Reference Agencies
The Hong Kong Monetary Authority issues this circular to provide further guidance on positive mortgage data sharing arrangements following thematic on-site examinations of Authorized Institutions. The document mandates that institutions strengthen internal controls by ensuring detailed operational procedures for access logs, dispute handling, and data rectification are in place. It also requires strict segregation of duties, annual compliance audits, adequate staff training, and precise customer notifications regarding credit report usage.
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