HKMA's AMLab series with Cyberport: A digital response to fraud (with photos)

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) and Cyberport co-hosted the third Anti-Money Laundering (AML) Regtech Lab (AMLab 3) today (November 24), with support from Deloitte. The AMLab series strengthens banks' capabilities to protect customers from fraud and financial crime losses by encouraging innovation and Regtech adoption, providing the most relevant knowledge and unique access to industry experts and service providers.

     The AMLab 3 builds on the AMLab 1, using network analytics to combat fraud risk and reduce losses from scams using mule account networks. The AMLab 3 shares good practices and provides a platform for banks as well as data and technology experts to collaborate using synthetic data to demonstrate testing of network diagrams, and thus helping fast track implementation at lower costs. The AMLab 3 is also followed by Regtech Connect, an initiative introduced in July 2022, in which Cyberport technology companies demonstrate relevant Regtech tools and services, providing a collaborative platform for open discussions with participating banks.

     In the face of rising levels of online fraud and financial crime, the HKMA has transformed the way it works with banks to shape the direction of innovation in AML work. A key element is the adoption of network analytics by retail banks, which is progressing well. About 60 per cent of retail banks are now deploying network analytics, more than twice as many as three years ago, including banks which participated in the AMLab 1 and which have partnered with Cyberport community companies. In the first nine months of 2022, retail banks (Note) increased their identification and reporting of suspicious accounts and networks by 127 per cent compared to a year ago, leading to an increase of 166 per cent in the amount of criminal proceeds restrained or confiscated by law enforcement agencies. 

     The HKMA will continue to engage with banks in 2023, including hosting more AMLabs with Cyberport and publishing research and thematic review results, under its "Fintech 2025" strategy its commitment to safeguard stability and integrity of banking system in support of economic and business development. 
About HKMA

     The HKMA is Hong Kong's central banking institution. The HKMA's main functions are: (i) maintaining currency stability within the framework of the Linked Exchange Rate System; (ii) promoting the stability and integrity of the financial system, including the banking system; (iii) helping to maintain Hong Kong's status as an international financial centre, including the maintenance and development of Hong Kong's financial infrastructure; and (iv) managing the Exchange Fund.
About Cyberport

     Cyberport is an innovative digital community with over 1 800 members including over 800 onsite and 1 000 offsite startups and technology companies. It is managed by Hong Kong Cyberport Management Company Limited, wholly owned by the Hong Kong Special Administrative Region Government. With a vision to be the hub for digital technology, thereby creating a new economic driver for Hong Kong, Cyberport is committed to nurturing a vibrant tech ecosystem by cultivating talent, promoting entrepreneurship among youth, supporting startups, fostering industry development by promoting strategic collaboration with local and international partners, and integrating new and traditional economies by accelerating digital transformation in public and private sectors.

     For more information, please visit

Note: The retail banks are members of the Fraud and Money Laundering Intelligence Taskforce established in May 2017, which is a public-private partnership for information sharing among the Hong Kong Police Force, the HKMA and 23 banks.

Ends/Thursday, November 24, 2022
Issued at HKT 19:15