HKMA’s MRC Scheme: Comprehensive Background Check to Safeguard and Comply

Hong Kong Monetary Authority is strengthening transparency and accountability with the expansion of the “Mandatory Background Check Scheme.” Initially focused on senior management in banking industry, phase 2 of the scheme will broaden its coverage to include a wider range of staff who are licensed or registered to carry out securities, insurance or Mandatory Provident Fund regulated activities by September 30, 2025, as part of a proactive effort to combat the “rolling bad apples” phenomenon in the financial sector.

By requiring authorized institutions to seek conduct-related references from previous employers, the MRC Scheme helps prevent individuals with past misconduct from moving undetected between roles—ultimately safeguarding the banking industry and restoring public confidence. This expansion highlights the critical importance of robust compliance and comprehensive due diligence in hiring.

CBI offers a tailored MRC Scheme package designed to help authorized institutions meet these regulatory requirements seamlessly. Our end-to-end background screening services include:

• Irregularity Check

• Global Compliance Check

• Adverse Media Search

• Civil Litigation Search

• Criminal Record Search

• Employment, Qualification, and Education Verification

With CBI’s expertise, organizations can navigate the evolving regulatory landscape, protect their reputation, and maintain stakeholder trust. In today’s environment, proactive vetting is no longer optional—it’s essential for sustainable business success.