Today: Jun 23, 2024

HKMA eases data-sharing rules, propels banks towards seamless collaboration.

1 min read

The Hong Kong Monetary Authority (HKMA) has proposed easing data-sharing rules between banks in an effort to improve the detection of financial crime. The proposed changes would involve granting legal protection to eligible institutions that share relevant customer data to tackle fraud and money laundering. The HKMA has published a public consultation paper seeking views on the proposal.

Key points:

  • The HKMA is proposing to allow banks and deposit-taking firms to share customer information among themselves to improve the detection of financial crime.
  • The proposed changes would grant legal protection to eligible institutions that share relevant customer data to tackle fraud and money laundering.
  • The HKMA has published a consultation paper seeking views on the proposal.