HKMA advances its AI-driven financial crime agenda, issuing guidance to accelerate bank’s adoption of AI across AML/CFT, fraud detection, sanctions screening, and risk management

The guidance highlights the potential of AI to improve the effectiveness, efficiency, and accuracy of financial crime controls while setting out key principles for governance, risk management, data quality, model oversight, and human accountability. It forms part of HKMA’s broader strategy to accelerate innovation and promote the safe and effective use of AI across the banking sector in the fight against increasingly sophisticated financial crime threats…