Hong Kong authorities unveil measures to combat financial crime

GlobalData

Fri, Apr 11, 2025, 7:53 AM 2 min read

The Hong Kong Monetary Authority (HKMA), the Hong Kong Police Force (HKPF), and The Hong Kong Association of Banks (HKAB) person jointly introduced a bid of caller initiatives aimed astatine preventing, identifying, and disrupting fiscal crimes specified arsenic fraud and the usage of mule accounts.

These see expanding the usage of Scameter data, which helps banks place suspicious accounts and notify at-risk customers, enabling them to instrumentality preventive steps.

Additional initiatives see accusation sharing betwixt banks and the adoption of champion practices for anti-fraud measures, aiming to bolster the capableness of banks to observe and forestall fraud and wealth laundering linked to scams.

The caller attack besides involves conducting thematic reviews to assistance banks successful establishing stronger anti-fraud systems.

Public consciousness campaigns, including the "Don't Lend/Sell Your Account" message, volition beryllium ramped up to rise consciousness and trim the hazard of relationship misuse.

To heighten the effectiveness of these efforts, the HKMA, HKPF, and the banking manufacture volition measurement up nationalist outreach activities.

The instauration of the Anti-fraud Education Taskforce, led by the HKAB, volition coordinate acquisition efforts crossed 18 large banks to people high-risk lawsuit groups.

The HKMA and HKPF volition proceed to collaborate intimately with banks and different applicable parties to amended the detection and prevention of fiscal transgression successful Hong Kong.

The determination comes arsenic fraud escalates successful some standard and complexity, with criminals progressively taking vantage of exertion to exploit victims much swiftly and broadly, highlighted HKMA.

In 2024, Hong Kong reported 44,480 cases of deception, an 11.7% emergence compared to 2023.

Moreover, 10,496 individuals were apprehended past twelvemonth successful narration to assorted fraud and wealth laundering offences.

Around 7,700 of those arrested were progressive successful selling oregon permitting their accounts to beryllium utilized for wealth laundering, showing a 13.6% summation from the twelvemonth before.

"Hong Kong authorities unveil measures to combat fiscal crime" was primitively created and published by Retail Banker International, a GlobalData owned brand.