Regulatory Alerts2024-09-09
Added · Updated
Use of Artificial Intelligence for Monitoring of Suspicious Activities
The Hong Kong Monetary Authority (HKMA) issued this circular to encourage Authorized Institutions to adopt artificial intelligence for enhancing the effectiveness and efficiency of money laundering and terrorist financing monitoring. The regulator outlined specific initiatives including experience-sharing forums, dedicated supervisory guidance, and support for innovation to accelerate AI adoption in suspicious activity monitoring. Authorized Institutions with significant operations in Hong Kong are required to conduct a feasibility study and formulate an implementation plan, which must be approved by the board and submitted to the HKMA by the end of March 2025.