Regulatory Alerts2023-02-09
Added · Updated
Optimising Fraud and Financial Crime Detection and Reporting
The Hong Kong Monetary Authority issued updated Guidance Paper on Transaction Monitoring, Screening and Suspicious Transaction Reporting to align Authorized Institutions with international standards. The guidance emphasizes leveraging technology for targeted alerts, improving data accuracy, and integrating external sources like the Commercial Data Interchange to enhance anti-money laundering efforts. Institutions are required to implement necessary policy, operational, and technical changes to optimize fraud detection and suspicious transaction reporting as soon as practicable.