Regulatory Alerts2022-07-08
Added · Updated
Supervisory Policy Manual Module IC-6: The Sharing and Use of Consumer Credit Data through Credit Reference Agencies
The Hong Kong Monetary Authority issued Supervisory Policy Manual Module IC-6 to establish regulatory standards for authorized institutions regarding the sharing and use of consumer credit data. This policy mandates that institutions implement robust internal controls and governance frameworks when utilizing credit reference agencies to ensure data accuracy, security, and compliance with privacy obligations. It further requires institutions to maintain clear accountability and oversight mechanisms to mitigate risks associated with third-party data handling and consumer credit reporting.
Topics
privacy
credit
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