Please also refer to the answer to Question C2 above. According to Article 112 of the Basic Law, "No foreign exchange control policies shall be applied in the Hong Kong Special Administrative Region. Upon receipt of the application, the HKMA will reply to the applicant granting him/her an interim approval to prepare a sample of the presentation for review by the HKMA and Commercial Crime Bureau of Hong Kong Police Force. In addition, KuCoin also offers reasonable withdrawal fees. Banks should also provide customers with a copy of the rationale for their investment solicitations or recommendations upon customers’ request. But according to the experience of many emerging market economies, the resultant widening of interest rate spread or the appreciation of domestic currency might heighten speculations for further currency appreciation, attracting capital inflows and hot money, and thus weakening or even offsetting the effectiveness of monetary policy tightening. Please refer to the HKMA’s Privacy Policy Statement. Accordingly, blockchain transfers are the only payment methods accepted by the exchange. Le portail boursorama.com compte plus de 30 millions de visites mensuelles et plus de 290 millions de pages vues par mois, en moyenne. CLILs) should be entitled to a pre-investment cooling-off period of 2 calendar days. The FDRC provides financial consumers with an independent and affordable avenue, as an alternative to litigation, for resolving some monetary disputes with financial institutions. What is the cut-off time for e-Cheque deposit? Would I be charged by banks for provision of administrative services, such as photocopying and printing? This is conducive to the general stability of the banking system in Hong Kong, which is crucial to the interest of depositors as well as the financial stability of Hong Kong as a whole. What is Foreign Account Tax Compliance Act (FATCA)? This may apply to losses caused by your failure to follow the measures which you should take to safeguard your card or PIN as advised by the card issuing bank. The HKMA is Hong Kong’s central banking institution. Our empirical research results show that Hong Kong’s business cycles are still more synchronised with those of the US than with Mainland China despite the increasing economic integration between Hong Kong and Mainland China. Does my bank/SVF operator have to safeguard all personal information it receives? Captain Altcoin is made up of investors and digital currency enthusiasts. 200 of the Laws of Hong Kong). It will also monitor whether there are market anomalies that may arise from time to time, which may affect the smooth functioning of the LERS. For Demand for Rates and/or Government rent, you should register on or before 5th of March, June, September or December. When making a fund transfer, a bank customer or SVF user should take great care and verify the accuracy of the inputted transferee’s account number and amount of funds to avoid mis-transfer of funds. In accordance with the Code of Practice on Consumer Credit Data (the Code) issued by the Office of the Privacy Commissioner for Personal Data, when you have settled your loan account, you have a right to instruct your lender to make a request to the CRA concerned to delete the closed account data from its database. Generally speaking, the earlier a borrower makes loan repayment, the more outstanding interest payments are likely to be saved. The HKMA is the government authority responsible for promoting the general stability and effective working of the banking system. Below you will find a list of companies that offer dividend yields of 4% or higher that trade on the New York Stock Exchange and the NASDAQ. Link: fps.hkicl.com.hk/govtpayments. Since the degree of damage or smear may vary, the note-issuing banks will consider each banknote individually. and the amount of outstanding interest. Holders of banknotes should try to keep their banknotes intact to protect their own interests. The HKMA will provide assistance to persons with disability who are not able to fill out the complaint form without assistance. Fax: (852) 2523 7389
Hong Kong’s inflation depends on a number of domestic and external factors. How are the interests of vulnerable customers or inexperienced investors protected in purchasing investment products through banks? In general, banks are required to employ stronger customer authentication for authenticating their customers' transactions with higher risk. An HKMA staff member will meet with the person with disability and provide assistance to complete the complaint form. As such, banks in general will require their customers to provide their mobile phone numbers to the banks if the customers choose to enroll in Internet banking services for conducting high-risk transactions. Retail banks should allow them to choose during the initial transaction whether they would like to bring along a companion to witness the sale process, and / or have a second frontline staff to handle the sale; and. The effectiveness of the LERS is helped by a number of economic attributes enjoyed by Hong Kong: First, the structure of Hong Kong economy is flexible and responsive. Is approval by the HKMA also required for “electronic reproduction” of currency notes? You may also read the HKMA Annual Open Data Plan to know more about the schedule of the datasets to be released on the HKMA website. The Exchange Fund is under the control of the Financial Secretary. Unless the electronic images of currency notes are to be reproduced into a physical form, approval by the HKMA is not required for the filming of currency notes for viewing on mobile phones and electronic screens, as such electronic images cannot be passed as currency notes. It means that there is no restriction on transfer of money in Hong Kong and the government does not demand for any kind of charges on money transfer. Even though a fixed rate regime continues to serve Hong Kong well, is the USD still the best anchor currency? Retail interest rates, including time deposit rates, are determined by market forces. Banks intending to use debt collection agencies should specify in the terms and conditions of credit or credit card facilities that they may employ third party agencies to collect overdue amounts owed by the customers. If a payee would like to receive payments with mobile number or email address, he or she has to register with the addressing service. KuCoin is a cryptocurrency exchange based in Hong Kong. What is Money Laundering & Terrorist Financing (ML/TF) and relevance to “me”? For account repayment data, the general rule on data retention is that such data may be retained by a CRA in its database for five years from the date of creation of such data or until the expiry of five years after account termination. Generally speaking, if a banknote is defaced or damaged, there is the possibility that it may not be accepted by other people or retailers. According to the Code of Banking Practice, banks should not engage more than one debt collection agency to pursue the same debt in one jurisdiction at the same time. Does my bank need to give me advance notice before engaging a debt collection agency to collect the debt from me? If you are not satisfied with the manner in which the bank handles your complaint, you may seek help from our Complaint Processing Centre (see FAQs - Complaints About Banks). Is there any cost for me to use the EBPP service? For e-Cheque deposit through the Internet banking, you should refer to the cut-off time specified by individual banks. Bank customers should stay vigilant to potential security issues e.g. In case the transferee does not return the mis-transferred funds, the written response will be helpful to the transferor in reporting to the Police or considering taking further action as needed. Banks in Hong Kong are required to have in place adequate security controls over their Internet banking services. Having regard to market developments and the growing public expectations for better protection of retail banking customers, the HKMA has required retail banks to implement a number of investor protection measures for retail banking customers, including the following: In view of the differences in nature of clientele and mode of operations of private banking business, the HKMA allows flexibility for the private banking industry to comply with regulatory requirements and standards governing sale of investment products whilst according protection to investors. Further, for derivative products or leveraged transactions, the bank would need to assure itself that the investor understands the nature and risks of the products and has sufficient net worth to be able to assume the risks and bear the potential losses of trading in such products. If you are not satisfied with the way in which the HKMA has handled your banking complaint, you may write to the Enforcement and AML Department of the HKMA (at 55/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong) specifying the reasons why you are not satisfied. You can visit the FDRC website at www.fdrc.org.hk or call its hotline at 3199 5199 to find out more. you have a complaint about banking products or services; the bank refuses to handle your complaint; the bank does not handle your complaint in a fair manner; you have not received a final reply from the bank within 30 calendar days (up to 60 calendar days for complicated cases); or. Internet banking services in Hong Kong are safe to use so long as both the banks and the customers have taken appropriate precautionary measures. Unless justified by exceptional monetary conditions, the APRs thus calculated should not exceed the legal limit (currently 60%) as stated in the Money Lenders Ordinance. In making the decision, banks will consider a host of factors, such as repayment ability of the borrowers and any risk mitigating arrangements. The Code of Banking Practice requires banks to, where relevant, quote APRs of banking products to facilitate comparison between different charging structures. What is credit card “chargeback protection”? It is therefore important that bank customers should provide accurate and up-to-date information for banks to ensure the suitability of investment recommendation or solicitation, or a complex product(s) is reasonable in all the circumstances. I have low balance in my bank account. Is the LERS the main driver of inflation rate in Hong Kong? Is there a set of standard account opening requirements and procedures for banks? Banks should properly disclose and explain the key features and risks of the investment products, including the name of the product issuer, and any fees and charges applicable to customers, to help customers understand the associated risks and costs before investing in the products. Given that interbank funding is a major source of funding for the banking system, retail interest rates will be influenced by movements in interbank interest rates. I am trying to recover a payment I sent to the wrong account. What will the HKMA do upon receipt of my complaint? You can contact your bank for details. Do I need to cancel the registration if I am not willing to receive the e-Bill summaries anymore? The LERS has not been the main factor in driving inflation higher in Hong Kong. Hkma receives a covered interest arbitrage ppt completed complaint form for me to use so long as both the banks their. It is banks ’ commercial decision on whether or not is subject the... 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