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HKMA fosters diversified ecosystem for Anti-Money Laundering and Counter-Financing of Terrorism Regulatory Technology (with photos)
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The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Hong Kong Monetary Authority (HKMA) hosted the first Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) Regulatory Technology (RegTech) Forum today (November 22). 
 
     The event gathered various stakeholders in Hong Kong's AML/CFT regime and was attended by around 400 representatives of banks as well as government agencies, financial regulators and law enforcement agencies, together with global experts and firms in the application of technology, including artificial intelligence and data analytics. Participants shared insights in grasping opportunities for the use of innovative technology to enhance the efficiency of both banks and the wider AML/CFT ecosystem.
 
     Welcoming the group, the Deputy Chief Executive of the HKMA, Mr Arthur Yuen, said, "The Forum, building on the positive results of the recent Financial Action Task Force evaluation of Hong Kong's AML/CFT regime, brings together the banking and technology sectors and stakeholders to further enhance effectiveness, which requires vision and aspiration because there are always new and emerging risks; criminals will exploit new technology to create terrible harm." 

     "The HKMA and the banking sector will continue to contribute to AML/CFT efforts in Hong Kong, and through our supervisory processes, regulations and guidance, we support 'efforts to innovate and fully grasp the benefits of RegTech." Mr Yuen added.
 
     In a series of panels and break-out sessions, participants shared experience and expertise in the application of Regtech to AML/CFT work in the banking sector and explored further collaboration among banks and various stakeholders. Three break-out groups, namely "Accelerators", "Enablers" and "Collaborators", will keep up the momentum collectively by focusing on the following efforts in the next six to twelve months:
 
  • "Accelerators": Applying an appropriate assessment framework that assists banks to review AML/CFT processes end-to-end for RegTech adoption and drive changes in the industry;
 
  • "Enablers": Experimenting in "Lab sessions" for software innovations in areas including transaction monitoring and screening; and
 
  • "Collaborators": Working to fulfill requirements, namely data, analytics, information delivery, collaboration as well as skills and expertise, to further enhance effectiveness of the AML/CFT ecosystem and the positive impacts of information and intelligence sharing.

 
Ends/Friday, November 22, 2019
Issued at HKT 21:05
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The Hong Kong Monetary Authority (HKMA) hosted the first Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) Regulatory Technology Forum today (November 22). Photo shows the Deputy Chief Executive of the HKMA, Mr Arthur Yuen, making welcoming remarks at the forum.
The Hong Kong Monetary Authority (HKMA) hosted the first Anti-Money Laundering and Counter-Financing of Terrorism Regulatory Technology Forum today (November 22). Photo shows (from left) the Head (Anti-Money Laundering and Financial Crime Risk) of the HKMA, Mr Stewart McGlynn; the Head of Financial Crime Threat Mitigation and the Asia Pacific of The Hongkong and Shanghai Banking Corporation Limited, Mr Paul Jevtovic; the Deputy General Manager of Amazon Web Services Hong Kong & Taiwan, Mr Zane Moi; the Chief Compliance Officer of Diginex, Mr Malcolm Wright; and the Director of Deloitte, Mr Chris Bostock, sharing insights about innovation and the future of money laundering and terrorist financing risk management.
The Hong Kong Monetary Authority (HKMA) hosted the first Anti-Money Laundering and Counter-Financing of Terrorism Regulatory Technology Forum today (November 22). Photo shows (from left) the Director of Deloitte, Mr Anir Bhattacharyya; the Head, Financial Crime Compliance of SC Digital Solutions Limited, Ms Wendy Ennis; Partner of JohnsonLeonard Data & Analytics, Mr John Collins; the Chief Operating Officer of Chong Hing Bank Limited, Mr Edward Chiu;and the Co-Chairman of the Fintech Association of Hong Kong's Regtech Committee, Mr Brian W Tang, discussing challenges and opportunities in adopting RegTech in AML/CFT.
The Hong Kong Monetary Authority hosted the first Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) Regulatory Technology (RegTech) Forum today (November 22). Photo shows participants having break-out group discussion on "pain points" in AML/CFT work and possible application of RegTech across various use cases and deploying technology to advance more proactive data and knowledge sharing.
The Hong Kong Monetary Authority (HKMA) hosted the first Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) Regulatory Technology Forum today (November 22). The Executive Director (Enforcement and AML) of the HKMA, Ms Carmen Chu, gives concluding remarks highlighting the follow-up actions to keep up the momentum and effectiveness of the AML/CFT efforts.