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).
ADA is expected to strengthen the capability of the anti-money laundering eco-system to detect, disrupt, and deter scams. It 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 the community against fraud and financial crime risk.
The HKMA said in an announcement:
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 banks 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 the 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.
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,” Yue added.
He stressed that 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.
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.