Do I need to bear any costs in relation to the issuance and deposit of e-Cheques through the Internet banking (including the costs for the digital certificate for the purpose of e-Cheque signing)? Please refer to the Ombudsman’s website to find out more about the role of the Ombudsman (www.ombudsman.hk). For example, after our review, the HKMA may refer your complaint to the bank for its handling. In addition, Hong Kong spends more on services than goods. I am not happy with my bank. The HKMA will handle the matter in the most appropriate manner under our established procedures and will inform you of the result. What information should banks provide/disclose to customers when selling investment products? Can banks ask corporate customers to provide information of its ownership? You may also find the relevant enquiry hotline and email address there. How is the application process and how long does it take? Such cooperation will not only help banks in meeting their legal and regulatory obligations and safeguarding the integrity of the financial system in Hong Kong, but also help protect bank customers from becoming the victims of fraud and other criminal activities. Generally speaking, the earlier a borrower makes loan repayment, the more outstanding interest payments are likely to be saved. How do I know that I am viewing the latest content on the website? a bank which is registered to carry out regulated activities under the Securities and Futures Ordinance) as well as eligibility and other particulars of its staff who are registered as “relevant individuals” (i.e. Bank customers who discover any suspicious webpage or any unauthorised transactions in their bank accounts should contact their banks immediately. All rights reserved. However, please note that the HKMA and its staff members are subject to secrecy obligations under the Banking Ordinance with respect to information obtained in the course of exercising the HKMA’s functions. What should I do if I want to delete my credit record from a Credit Reference Agency (CRA) database? Please also refer to the answer to Question C2 above. Further information and advice on Internet banking safety may be found on the “Smart Consumers” webpage. 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. Do I need to bear any costs for the usage of the e-Cheque Drop Box service? The Office of the Privacy Commissioner for Personal Data is a statutory body entrusted with the task of protecting personal data privacy of individuals and to ensure compliance with the Personal Data (Privacy) Ordinance (Chapter 486) in Hong Kong. As many ATMs outside Hong Kong are still using magnetic stripe technology, the new chip card continues to feature a magnetic stripe to allow cardholders’ use outside Hong Kong. one-sided reproduction), application for approval can be exempted. You can learn more from its website. Under this approach, banks will request applicants to provide their proof of income and evidence of indebtedness. How do I confirm if I have settled the bill successfully? This means that they will be immediately subject to interests on the unpaid portion of the balance as well as any new transactions: interest on the unpaid portion of the balance will be charged from the previous statement date to the current statement date, while interest on any new transactions will be charged from the transaction / posting date of the transaction to the current statement date. Does the HKMA provide group visit service? In particular, banks should, where relevant, indicate the APRs in any advertising and promotional materials for banking products which includes references to interest rates. Who should I complain to? Do I need to cancel the registration if I am not willing to receive the e-Bill summaries anymore? Would I be charged by banks for provision of administrative services, such as photocopying and printing? All licensed banks (unless exempted) are members of the DPS and must display the membership sign prominently at their places of business. Under the Laws of Hong Kong, a person who, without the consent in writing of the Monetary Authority, reproduces on any substance whatsoever, and whether or not to the correct scale, any Hong Kong currency note or any part of a Hong Kong currency note, commits an offence. He holds a degree in politics and economics. What if I am not satisfied with the bank’s reply? The public can pay the General Demand Notes and tax bills and demand notes issued by the Inland Revenue Department by e-Cheques in the initial phase. Diagram: General (simplified) process flow of the chargeback mechanism. Section 103 of Part XI of the Crimes Ordinance (Cap. In his control of the Exchange Fund the Financial Secretary is advised by the Exchange Fund Advisory Committee (EFAC), which is established under the Exchange Fund Ordinance. Banknotes ($20, $50, $100, $500 and $1,000) in Hong Kong are issued by three note-issuing banks, namely The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank (Hong Kong) Limited and Bank of China (Hong Kong) Limited whereas the $10 currency notes and coins are issued by the Hong Kong Special Administrative Region Government. In view of the implementation of the AEOI arrangement in Hong Kong, which also affects bank customers, the HKMA has worked with and guided the banking industry in developing an AEOI Fact Sheet which aims at addressing likely questions that bank customers may raise. Can the HKMA require a bank to open a branch there? Banks should also be prepared to respond to your inquiries concerning APRs and the methods of calculation. Not every risk profile assessment nor every purchase of an investment product requires audio-recording. It means that there is no restriction on money transfer in Hong Kong and the HKMA does not impose charges of any kind on money transfer. Can a bank simply execute an investor’s purchase order if he/she has a specific investment product in mind? The bank will authenticate the banknote according to established criteria, such as the degree of smear or damage, the integrity of the security features, to determine whether it can be given full face value. Please note that the listed annual payout and dividend yield is based on the previous 12 months of dividend payments. They’re called KuCoin Shares because they act like shares in the exchange, and they grant variety of bonuses including income from fees, lower trading fees and other special services. where an investigation reveals misconduct by a relevant individual). Many complaints arise from a misunderstanding or a mismatch of expectations and they can often be resolved after you have talked to the bank. The Hong Kong dollar shall be freely convertible. Can banks change the level of fees and charges? According to the Code of Banking Practice, if you fail to report the unauthorised transaction within that period, the card issuing bank can reserve the right to regard the statement as conclusive and you may have to be held responsible for the unauthorised transaction. What's in it for me? Group visits for schools, tertiary institutions, and non-profit organisations can also be arranged upon request. Yes, you can ask the payer to use other payment instruments (e.g. There are two common approaches adopted by banks in assessing the repayment ability of mortgage applicants: Debt servicing ratio (DSR)-based lending – DSR is the ratio of the monthly debt obligations of mortgage applicants to their monthly income. You do not need to complete a risk profile assessment before conducting each and every transaction. There is no bank branch near where I live. If you are not satisfied with the bank’s reply to you, you may, within 30 calendar days after receipt of the bank’s reply, contact the HKMA by email, fax or post and tell the HKMA the reasons why you are not satisfied with the bank’s reply to you. In general, banks do not need to audio-record face-to-face selling process of investment products for retail banking customers, unless the process involves complex products (e.g. A common way to collect and document such information is by conducting a customer risk profile assessment generally in the form of questionnaire. Consumers may apply to their card issuing banks to raise chargeback (i.e. AEOI stands for Automatic Exchange of Financial Account Information. Consent of note-issuing banks must be obtained before reproducing images of banknote as they own the copyrights of such images, and similarly consent of the Director of Information Services must be obtained before reproducing images of government notes and coins. Banks should also provide customers with a copy of the rationale for their investment solicitations or recommendations upon customers’ request. Even though the customers subsequently repay the "balance" as stated on the statement in full (including the interests charged for the current billing cycle), some card issuers will still charge the customers interest in the next billing cycle: interest on the full "balance" calculated from the statement date to the date the customers repaid the "balance" in full. Hong Kong’s inflation depends on a number of domestic and external factors. For Demand for Rates and/or Government rent, you should register on or before 5th of March, June, September or December. Banks which reserve the right to require customers to indemnify them, in whole or in part, for the costs and expenses they incur in the debt recovery process should include a warning clause to that effect in the terms and conditions. Some of the more known coins that are traded on Kucoin include: NANO, NEO, DRAGONCHAIN, VECHAIN (THOR), EOS, POPULOUS (PPT), GAS, WALTONCHAIN (WTC) and others. Whether you are looking for essay, coursework, research, or term paper help, or with any other assignments, it is no problem for us. Will the information and data published on the HKMA’s website be made available through Open Application Programming Interface (API)? 200 of the Laws of Hong Kong), ss.96-102 of the Crimes Ordinance (Cap. You may refer to FAQs on Fund Transfer under Banking section for more details. How does a customer know if a bank and/or its staff is eligible to sell investment products to customers? Why is the LERS particularly suitable for Hong Kong? If you prefer to trade in digital coins via a regulated company, there is yet another option – to trade cryptocurrency CFDs with forex brokers. If there is a proxy server issue, please contact your Information Technology department or Internet Service Provider (ISP) for further assistance. 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. In general, a bank can execute an investor’s purchase order for a specific simple product without involving investment recommendation or solicitation from the bank. You will continue to receive Water Bill and Demand for Rates and/or Government Rent under the existing channel. If you have already completed an assessment with the bank before and the results are still valid (validity usually lasts for one to two years depending on different banks’ policies), the bank can proceed to recommend suitable investment product(s) or assess whether a complex product is suitable to you without carrying out risk profile assessment again. Such handling procedures also require the transferee institution to remind the transferee that he/she may be held criminally liable if the mis-transferred funds are not returned. 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