Regulatory Alerts2023-10-12
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Enhanced approaches to combat digital fraud
The Hong Kong Monetary Authority (HKMA) issued this circular to Authorized Institutions (AIs) to strengthen the banking sector's response to rising digital fraud. The regulator mandates enhanced information sharing through the expanded Fraud and Money Laundering Intelligence Taskforce and the Financial Intelligence Evaluation Sharing Tool. Additionally, AIs are required to implement real-time fraud monitoring systems and deploy pre-transaction alerts for the Faster Payment System based on suspicious proxy identifiers.
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HKMA published 11 documents in the last 30 days. We email you each new one the day it's published.
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