The Hong Kong Monetary Authority, in partnership with Cyberport and Deloitte, organized the fourth Anti-Money Laundering Regtech Lab (AMLab 4) to improve the use of data and technology to combat digital fraud and money laundering. The event brought together retail banks, technology companies, and industry experts to develop a sector-wide approach to real-time fraud monitoring. The focus was on proactive detection of money mule accounts, promoting the use of AML Regtech tools, and best practices in data use and a coordinated approach to fraud and money laundering risk disciplines. The event also featured Regtech Connect, a platform for technology companies to demonstrate and discuss relevant Regtech tools and solutions with participating banks and Stored Value Facility licensees. The HKMA and banks are committed to adopting a consistent, coordinated approach to real-time fraud monitoring before the end of September 2023, to combat fraud and financial crime risk.
Resource:
https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/06/20230607-5/