Regulatory Alerts2019-12-23
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HKMA AML/CFT RegTech Forum Record of Discussion
The Hong Kong Monetary Authority issued this record of discussion following its AML/CFT RegTech Forum held in November 2019 to engage stakeholders on technology applications for anti-money laundering and counter-financing of terrorism. The regulator explicitly stated that enabling Authorized Institutions to use AML/CFT RegTech solutions will be a key supervisory focus for 2020. This directive is part of a broader risk-based supervisory approach where the HKMA plans to continue individual and collective engagement with institutions on follow-up actions.
Our Ref: B10/1C 23 December 2019 The Chief Executive All Authorized Institutions Dear Sir / Madam, HKMA AML/CFT RegTech Forum, 22 and 25 November 2019 – Record of Discussion I am writing to share the record of discussion for the first AML/CFT RegTech Forum (the Forum) hosted by the Hong Kong Monetary Authority (HKMA) on 22 and 25 November 2019 (Annex). The Forum brought together about 400 participants including regulators, banks, and other stakeholders within Hong Kong’s AML/CFT system with experts in the RegTech sector to share experience and identify opportunities in how technology can be applied to further enhance effectiveness of AML/CFT efforts. Enabling the use of AML/CFT RegTech by Authorized Institutions (AIs) will be one of our key supervisory focuses in 2020. The next steps and forthcoming activities are outlined in the Forum document and we will continue to engage AIs individually and collectively on various follow-up actions in accordance with our risk-based supervisory approach. Should you have any questions regarding this letter, please contact us at aml@hkma.iclnet.hk. Yours faithfully, Carmen Chu Executive Director (Enforcement and AML)
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