The HKAB welcomes public consultation on proposal for information sharing among Authorized Institutions to prevent or detect financial crime
(23rd January 2024) The Hong Kong Association of Banks (HKAB) welcomes the initiative by the Hong Kong Monetary Authority (HKMA) to undertake consultations on its suggested plan to facilitate information sharing among Authorized Institutions (AIs) for the purposes of preventing and detecting financial crime, including legislative amendments to provide legal protection to AIs and safeguards to protect data privacy and customer confidentiality. The proposal aligns with the recent development of other financial centres.
Ms Luanne Lim, Chairman of the HKAB, said, “HKAB will continue to maintain active and constructive discussions with the HKMA to reflect the views of the banking industry. The industry remains resolute in its dedication to combat financial crime while protecting customers from associated risks.”
The consultation paper is available on the HKMA website (https://www.hkma.gov.hk/eng/regulatory-resources/consultations/open/).
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