HKMA mandates name-matching for transfers above HK$1,000 to combat scams

Quick Summary:

Banks have been asked to implement the refined measures’ for instant fund transfers by the end of May.

Transfer instructions that do not pass the mandatory name-matching process would be rejected by the payee institutions, and banks were required to inform the customer that the transfer instruction was unsuccessful or rejected, the statement added.

The banks have until the end of May to comply with the measure.

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Article Details

Author / Journalist: Yujie Xue

Category: Business

Markets: Hong Kong

Topics: Real-time Fund Name-matching Hkma Required Process Transfer Banks Conduct Mandatory Transfers

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-18 @ 21:46:47 (5 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 173 words

Reading Time: 1 minutes read

Sentences: 6 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 26254271

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Official Website: scmp.com

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