The Hong Kong Monetary Authority (HKMA) is promoting the use of artificial intelligence (AI) to enhance the monitoring of money laundering and terrorist financing (ML/TF) risks. Due to the complex ML/TF landscape, including global money laundering cases and increasing geopolitical risks, the HKMA is encouraging Authorized Institutions (AIs) to adopt AI for more effective and risk-based monitoring. Since issuing AI principles in 2019, the HKMA has noted that AI systems are more efficient than traditional methods. To further support AI adoption, the HKMA will host a forum in November 2024, provide targeted guidance, and foster a supportive environment for innovation. AIs are advised to conduct feasibility studies and submit implementation plans by March 2025.
Resources: https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2024/20240909e1.pdf
