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Authored by: Simon Deane and Natalie Chan
A circular issued by the Hong Kong Monetary Authority (HKMA) on 18 November 2021 sets out his expectations on authorised institutions (AIs) as regards the handling of dormant accounts and unclaimed deposits of customers. AIs are expected to take a risk-based and proportionate approach in handling dormant accounts, taking into account factors such as the age of the account holder, the amount left unclaimed and the length of the dormancy.
Some notable suggested measures include the following:
For more information, please see here.
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