The Hong Kong Monetary Authority said it encouraged authorized institutions to conduct a mandatory name-matching process for all applicable fund transfers irrespective of the transaction amount.

In case institutions wish to set a threshold for conducting the mandatory name-matching process balancing considerations of operational efficiency, convenience to customers, and the objective of minimizing the impact of incorrect transfer, the HKMA considers that such a threshold should not be higher than HK$1,000, or other currencies of an equivalent amount, the regulator said on Tuesday.

The refined measures should be implemented by the end of May, the de facto central bank said in a circular.
STAFF REPORTER