Regulatory Alerts2006-01-05
Added · Updated
Supervisory Policy Manual (SPM): CR-S-5 Credit Card Business
The Hong Kong Monetary Authority issued Supervisory Policy Manual CR-S-5 to provide updated guidance to authorized institutions on managing credit card business risks. The document supersedes previous 1996, 2001, and 2002 guidelines by emphasizing best practices in data security, fraud prevention, and sub-prime credit considerations. It further mandates improved use of credit reference data, constructive debt restructuring frameworks, and robust profitability assessment mechanisms.
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