Banks fighting back against crime

The Hong Kong Monetary Authority said banks have made significant progress in adopting anti-money laundering regulatory technology, according to a report released yesterday.

The report features practical examples of how banks have adopted regulatory technology or regtech to enhance the effectiveness and efficiency of their AML and Counter-Financing of Terrorism or CFT efforts.

Four areas of Regtech implementation and real-life use cases were covered, including real-time fraud monitoring, machine learning for transaction monitoring alert handling, natural language processing for media monitoring and analytics aimed at achieving a "Single View of the Customer."

HKMA said it will continue to promote and facilitate AML Regtech adoption among banks to strengthen their roles in maintaining the integrity and stability of the financial system.

Meanwhile the Hongkong and Shanghai Banking Corporation has signed a memorandum of understanding with the Dubai Department of Economic Development and Tourism, aiming to collaborate on promoting business and investment opportunities between Hong Kong and Dubai.

BOC Hong Kong (2388) is offering additional digital rewards worth 100 yuan (HK$107.25) to customers who newly register e-yuan wallet services via its own app BoC Pay, to boost cross-border spending during the coming holidays.