HKMA Requires Retail Banks to Tighten New Customer Transfer Limits by Year-End
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On 6 November 2026, Hong Kong Monetary Authority Deputy Chief Executive Arthur Yuen said the fraud problem does not only affect individuals but also many small and medium-sized enterprises, which more often receive emails impersonating trading counterparties instructing them to transfer funds to other accounts. He said the HKMA has required retail banks to introduce new practices by year-end, setting lower limits for services such as cross-border transfers and transfers between accounts when new customers open accounts, and gradually raising them only after genuine transaction patterns are established.
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- 香港電台·即時本地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.
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