VIEWS SOUGHT ON INFORMATION SHARING

23-1-2024

gov_rss

The Monetary Authority today launched a public consultation on its proposal to allow authorised institutions to share information on customer accounts to prevent and detect financial crime.

The proposal includes legislative amendments that would provide legal protections to such institutions and offer safeguards to protect data privacy and customer confidentiality, as is the case in other international financial centres.

Monetary Authority Chief Executive Eddie Yue pointed out that fraud and financial crime have surged globally, with criminals increasingly looking to exploit information gaps between banks and abuse financial systems to move and hide illicit funds.

He stressed that effective information sharing will help the banking sector, supervisors and law enforcement agencies turn the tables on fraud and financial crime, while also protecting consumers of financial services.

Interested parties from the banking sector and members of the public can submit their comments by email or post on or before March 29.




PREVIOUSNEXT

Latest Business News

最新商業資訊


8 lease modifications recorded in Q1  15-4-2024

gov_rss

The Lands Department today announced that it registered eight lease modifications and two land exchanges in the Land Regi...


US, Canada remarks condemned  13-4-2024

gov_rss

The Hong Kong Special Administrative Region Government today strongly condemned the US and Canada for smearing the Safegu...


Seamless connectivity for villages  12-4-2024

gov_rss

People usually find rural life a good way to kick back and spend time at a leisurely pace. But to keep up with the pace ...


Govt showcases tech solutions  13-4-2024

gov_rss

At the second edition of the InnoEX which started today, over 100 technology solutions, including those developed...