Regulatory Alerts2021-08-11
Added · Updated
Supporting the Use of New Technologies for AML/CFT: Suggested Actions for the Hong Kong Banking Sector
The Hong Kong Monetary Authority issued this letter to update Authorized Institutions on the Financial Action Task Force's report regarding new technologies for anti-money laundering and counter-financing of terrorism. The regulator outlined specific initiatives under the Fintech 2025 strategy, including launching an online training portal, establishing Regtech Labs for experimentation, and promoting network analytics capabilities. Senior management is required to support innovation with adequate resources and coordinate internally to provide data for an updated overview of Regtech adoption.