Hong Kong authorities unveil measures to combat financial crime

GlobalData

Fri, Apr 11, 2025, 7:53 AM 2 min read

The Hong Kong Monetary Authority (HKMA), the Hong Kong Police Force (HKPF), and The Hong Kong Association of Banks (HKAB) have jointly introduced a series of new initiatives aimed at preventing, identifying, and disrupting financial crimes such as fraud and the use of mule accounts.

These include expanding the use of Scameter data, which helps banks identify suspicious accounts and notify at-risk customers, enabling them to take preventive steps.

Additional initiatives include information sharing between banks and the adoption of best practices for anti-fraud measures, aiming to bolster the capacity of banks to detect and prevent fraud and money laundering linked to scams.

The new approach also involves conducting thematic reviews to assist banks in establishing stronger anti-fraud systems.

Public awareness campaigns, including the "Don't Lend/Sell Your Account" message, will be ramped up to raise awareness and reduce the risk of account misuse.

To enhance the effectiveness of these efforts, the HKMA, HKPF, and the banking industry will step up public outreach activities.

The creation of the Anti-fraud Education Taskforce, led by the HKAB, will coordinate educational efforts across 18 major banks to target high-risk customer groups.

The HKMA and HKPF will continue to collaborate closely with banks and other relevant parties to improve the detection and prevention of financial crime in Hong Kong.

The move comes as fraud escalates in both scale and complexity, with criminals increasingly taking advantage of technology to exploit victims more swiftly and broadly, highlighted HKMA.

In 2024, Hong Kong reported 44,480 cases of deception, an 11.7% rise compared to 2023.

Moreover, 10,496 individuals were apprehended last year in relation to various fraud and money laundering offences.

Around 7,700 of those arrested were involved in selling or permitting their accounts to be used for money laundering, showing a 13.6% increase from the year before.

"Hong Kong authorities unveil measures to combat financial crime" was originally created and published by Retail Banker International, a GlobalData owned brand.

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