Hong Kong Monetary Authority consults industry on compensation framework for scam losses; Arthur Yuen discusses where responsibility lies between banks and customers

Hong Kong Monetary Authority Deputy Chief Executive Arthur Yuen said the authority has begun consulting retail banks on a proposed framework for losses from customer-authorised payments, providing guidance on clarifying and sharing responsibility. The framework will weigh banks' monitoring systems and control measures, customers' own responsibilities, and case-specific background factors such as whether the customer is elderly, while stressing that neither banks nor customers should bear full responsibility across the board.