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HKMA: HK Banks Should Conduct Mandatory Name Matching for $1000 or Above Fund Transfers by End-May Latest
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The Hong Kong Monetary Authority (HKMA) issued a circular “Refined Measures on Real-Time Fund Transfers Made by Customers” on Tuesday (18th), encouraging Authorized Institutions (AIs), including banks in Hong Kong, to conduct mandatory name matching process for all applicable fund transfers irrespective of the transaction amount. In case AIs wish to set a threshold for conducting the mandatory name matching process balancing considerations of operational efficiency, convenience to customers and objective of minimizing impact of incorrect transfer, the HKMA considers that such threshold should not be higher than HK$1,000. AIs are expected to implement the refined measures set out in this Circular by 31 May 2025. AAStocks Financial News |
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