Regulatory Alerts2024-02-07
Added · Updated
HKMA Update on Anti-Money Laundering and Counter-Financing of Terrorism Surveillance Capability Enhancement Project
The Hong Kong Monetary Authority updates authorized institutions on its AML/CFT Surveillance Capability Enhancement Project, which leverages data and supervisory technology to modernize risk-based supervision. The initiative has streamlined supervisory activities through consolidated data collection and a dedicated Macro Analytics capability, enabling more targeted oversight of higher risks and fraud-related mule account networks. The HKMA will further engage the industry through Regtech collaborations and issue practical guidance on the responsible use of artificial intelligence in AML screening and transaction monitoring.
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