AML/CFT Regtech: Case Studies and Insights Volume 2
The Hong Kong Monetary Authority (HKMA) published today (25 September)
the report titled, “AML/CFT Regtech: Case Studies and Insights Volume
2”, which shares real-life use cases from banks in their Regtech
adoption to make their Anti-Money Laundering and Counter-Financing of
Terrorism (AML/CFT) efforts more effective and efficient.
This report covers more sophisticated AML Regtech solutions,
building on the first volume of January 20211 which shared
perspectives of banks that were in the early phase of incorporating
Regtech in their AML processes. In the course of only two years,
significant progress by banks has been made in AML Regtech adoption.
Four broad areas of Regtech implementation and real-life use
cases are featured: Real-time Fraud Monitoring Machine Learning for
Transaction Monitoring Alerts Handling Natural Language Processing for
Media Monitoring Analytics with a “Single View of the Customer”
The HKMA is committed to continuing its promotion and
facilitation of AML Regtech adoption to strengthen banks’ gatekeeper
role in helping safeguard the integrity and stability of the financial
system.
Mr Arthur Yuen, Deputy Chief Executive of the HKMA,
said, “I am pleased to see that most banks’ AML functions are already
well past the early stage of Regtech adoption, and some have reached
an advanced stage. I am confident that these capabilities, when
implemented more widely, will help banks monitor and respond to fraud
and financial crime risks, and thus contributing further to an
effective response across Hong Kong’s AML eco-system. ”
The
report can be found at the Annex. Hong Kong Monetary Authority 25
September 2023