HKMA publishes consultation conclusions on information sharing among Authorised Institutions to aid in prevention or detection of crime

The HKMA launched a public consultation on 23 January 2024 to seek views from the banking sector and the public on proposals to facilitate sharing of information among AIs of information on customer accounts (including personal customers) for the purposes of preventing and detecting crime. The aim of the proposals is to help protect bank customers and the banking system against abuse for fraud, money laundering and terrorist financing (ML/TF).