The Hong Kong Monetary Authority (HKMA) has published a report titled “AML Regtech: Network Analytics,” which recommends that banks adopt network analytics to bolster their anti-money laundering (AML) systems against financial crimes. The report suggests that combining intelligence-led analytical tools with rules-based monitoring systems can help banks to enhance their anti-deception efforts in preventing, detecting, and disrupting financial crime. Banks that have already implemented this capability have shared their experiences, and the report offers practical insights and expert perspectives to guide other banks in their exploration and adoption of network analytics. The HKMA is collaborating with banks and stakeholders to reduce and prevent harm and losses from fraud and financial crime. The HKMA’s ongoing strategy is to promote Regtech adoption by banks to improve their AML system effectiveness and reduce deception and other financial crimes’ harm. The HKMA will continue to support innovation and Regtech adoption in promoting an ecosystem response to deception, including co-hosting an AMLab with Cyberport to discuss the technology and data requirements for anti-deception efforts.
Resource: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/05/20230509-3/
