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The Hong Kong Monetary Authority (HKMA), the Hong Kong Association of Banks (HKAB) and the Hong Kong Police Force (HKPF) launches the Financial Intelligence Evaluation Sharing Tool (FINEST), a bank-to-bank information sharing platform. This initiative helps increase banks’ability to share information for detecting and disrupting fraud and mule account networks more effectively, thereby giving the public greater protection from fraud and financial crimes and enhancing the integrity of the banking system. FINEST also enables banks to look up entities with previous reports of suspicious activity and have alerting features.
FINEST will be rolled out in phases. The pilot phase involves five domestic systemically important Authorized Institutions and focuses on sharing of information related to corporates suspected to be involved in fraud-related money laundering activities. The five banks participating in the pilot phase are BOCHK, Standard Chartered, HSBC, Hang Seng Bank, and ICBC Asia.
Based on the experience gained from the pilot phase and any new issues addressed, the platform will later be expanded to include more participating banks, cover personal accounts, and share other financial crime-related information such as TBML (trade-based money laundering).
FINEST will enable better co-ordination among law enforcement agencies and banks in fighting financial crime, resulting in higher success rates in identifying and combating criminal activities, which ensure Hong Kong remains a reputable financial centre for businessmen. Whatsapp : (852) 6499 4686 Phone : (852) 2186 6936 Email : info@intershores.hk
Source: Regulation Asia
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