The Hong Kong Monetary Authority (HKMA) launched today (5 November) the first Anti-Money Laundering (AML) Regtech Lab (AMLab), in collaboration with Cyberport and supported by Deloitte, to further encourage the use of Regtech under the “Fintech 2025” strategy. AMLab will strengthen banks’ capabilities to protect customers from fraud and financial crime losses, reduce risk displacement across the banking sector and raise the overall effectiveness of the AML ecosystem.
This AMLab focuses on using Network Analytics to address the risks of fraud-related mule accounts, enhancing data and information sharing through public-private partnership efforts in AML. The first group of five banks will:
AMLab series is the next phase of the HKMA’s engagement with a wide range of banks to help inform decisions about Regtech adoption, building on the positive momentum since the AML/CFT Regtech Forum in 2019 as well as experience shared through AML/CFT Regtech: Case Studies and Insights issued in January 2021. In particular the banking industry are making good progress in adopting AML Regtech:
AMLab series will provide a collaborative platform for ongoing peer group sharing of operational, hands-on experience of Regtech approaches, focusing on solutions such as machine learning in transaction monitoring process, low/no code workflow automation solutions, in addition to network analytics. Working closely with the industry and other stakeholders, our goal is to:
Ms Carmen Chu, Executive Director (Enforcement and AML), Hong Kong Monetary Authority (HKMA) (front row, fourth from left), Mr Rico Tang, Senior Manager, Fintech (Blockchain and Regtech), Cyberport (front row, third from right), Mr Stewart McGlynn, Head (AML and Financial Crime Risk), HKMA (front row, third from left) and representatives from InvestHK, Hong Kong Police Force, participating banks and technology firms, and Deloitte participate in the first AMLab today (5 November).
Hong Kong Monetary Authority
5 November 2021