The HKMA supports the launch of bank-to-bank information sharing platform

The Hong Kong Monetary Authority (HKMA) has published a press release to announce that the Hong Kong Association of Banks (HKAB), the Hong Kong Police Force (HKPF), and the HKMA itself have jointly launched the Financial Intelligence Evaluation Sharing Tool (FINEST) on June 20, 2023. FINEST is a platform that facilitates the sharing of information between banks to improve their ability to detect and disrupt fraud and money laundering networks with the aim of providing greater protection to the public against financial crimes while also reinforcing the integrity of the banking system. Sharing information directly among banks is widely recognized as an effective measure to manage and mitigate the increasingly sophisticated risks associated with fraud and money laundering.
FINEST is a key focus for the HKMA in 2023 and is part of a series of joint anti-deception initiatives by the HKMA and the HKPF. The rollout of FINEST will occur in stages, starting with a pilot phase involving five major domestic banks. This initial phase will primarily focus on sharing information about corporate entities suspected of engaging in fraud-related money laundering. Based on the knowledge gained and any challenges addressed during the pilot phase, the platform will be expanded gradually to include more banks. It will also encompass personal accounts and the sharing of information on other financial crime activities like trade-based money laundering in the near future.