Arthur Yuen: Fraud Problem Affects Not Only Individuals but Also SMEs

Hong Kong Monetary Authority Deputy Chief Executive Arthur Yuen says the fraud problem affects not only individuals but also many SMEs, which more often receive emails impersonating trading counterparties instructing them to transfer funds to other accounts. He says the Hong Kong Monetary Authority has required retail banks to introduce new practices by the end of the year, under which new customers will have lower limits for cross-border transfers, transfers between accounts and other services when opening accounts, with limits raised gradually only after genuine transaction patterns are established.