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ARTICLE · 16 DECEMBER 2021

Hong Kong's Code Of Banking Practice Revised

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The Hong Kong Association of Banks (HKAB) and the DTC Association (DTCA) launched the revised Code of Banking Practice (Code) on 10 December 2021.

Hong KongFinance and Banking
Sara Or
Sara Or
Jacqueline C. Y. Choi
Jacqueline C. Y. Choi
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The Hong Kong Association of Banks (HKAB) and the DTC Association (DTCA) launched the revised Code of Banking Practice (Code) on 10 December 2021. The revised Code took immediate effect with the Hong Kong Monetary Authority (HKMA) expecting authorised institutions (AIs) to fully comply with the new provisions as quickly as possible within 6 months. An extension of up to 12 months is allowed for those provisions which require system enhancements, other than sections 17 and 18 the extension period of which is 18 months. 

The revisions follow a review by the Code of Banking Practice Committee, comprising industry representatives and the HKMA. One main theme of the revisions is to enhance the communication of services terms and conditions and the provision of services and product information to customers. The objective is to enhance the protection to customers particularly in the digital banking environment in line with fintech developments, having regard to the needs of

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