The HKMA and banking sector support the launch of Anti-Deception Alliance to fight against fraud
The Hong Kong Monetary Authority (HKMA), together with the Hong Kong
Association of Banks (HKAB) and the banking sector, support the launch
of the Anti-Deception Alliance (ADA) by the Hong Kong Police Force
(HKPF) today (24 November) which will strengthen the capability of the
anti-money laundering eco-system to detect, disrupt and deter scams.
ADA is the latest achievement in a long history of close
public-private collaboration among the HKMA, the HKPF and the banking
industry to protect the financial system and our community against
fraud and financial crime risk. ADA will strengthen the effectiveness
of the existing 24/7 stop payment mechanism operated by the Anti-
Deception Coordination Centre (ADCC) of the HKPF, by bringing together
officers of the ADCC and bank staff of participating banks1 to
expedite the identification and interception of crime proceeds, as
well as proactive identification of potential victims of scams. The
integrated work environment of ADA, together with analytics
capabilities of banks driven by the HKMA’s work in AML/CFT Regtech,
will boost intelligence sharing, enable swift decision-making and
close cooperation among all stakeholders to grow the operational value
of both the ADCC and the 24/7 stop payment mechanism.
ADA is
another example of how banks continue to work closely with key
partners at the forefront of taking action to safeguard the community
against fraud and financial crime. The Faster Payment System
Suspicious Proxy ID Alert based on Scameter database will also be
launched soon, and taken together with other anti-deception
initiatives announced by the HKMA with the HKPF and 28 retail banks in
April 20232 will enhance the fight against fraud and financial crime
and reduce financial losses to the public.
Mr Eddie Yue,
Chief Executive of the HKMA, said, “The launch of the ADA marks
another important milestone for public-private partnerships in
combating fraud and financial crime. We firmly believe that rapid and
effective communication and intelligence sharing will assist the
banking industry to detect and prevent fraud risk and related mule
account networks, as well as helping intercept fraudulent payments
more effectively. All these efforts help protect and enhance public
confidence in using digital financial services, and support the
healthy development of Hong Kong as an international financial centre.
”
Mr Eddie Yue, Chief Executive of the Hong Kong Monetary
Authority welcomes the launch of Anti-Deception Alliance.
Senior representatives from the Hong Kong Monetary Authority,
Hong Kong Police Force, Hong Kong Association of Banks and 10
participating banks officiate at the inauguration of Anti-Deception
Alliance.
Ms Carmen Chu, Executive Director (Enforcement and
AML) of the Hong Kong Monetary Authority (right) and Mr Raymond Siu
Chak-yee, Commissioner of Police (left) unveil the plaque of Anti-
Deception Alliance.
Hong Kong Monetary Authority 24 November
2023
1 The 10 participating retail banks include: The Bank of
East Asia, Limited; Bank of China (Hong Kong) Limited; Bank of
Communications (Hong Kong) Limited; DBS Bank (Hong Kong) Limited; Hang
Seng Bank, Limited; The Hongkong and Shanghai Banking Corporation
Limited; Industrial and Commercial Bank of China (Asia) Limited;
Nanyang Commercial Bank, Limited; OCBC Bank (Hong Kong) Limited; and
Standard Chartered Bank (Hong Kong) Limited.
2 The five anti-
deception initiatives include real-time fraud monitoring, bank-to-bank
information sharing platform, suspicious proxy ID alert model,
enhancement of 24/7 stop payment mechanism and assistance to
investigation work of the HKPF. For details, see https://www. hkma.
gov. hk/eng/news-and-media/press-releases/2023/04/20230421-7/