The Hong Kong Monetary Authority (HKMA) has published its 2023 Year-end Review and Priorities for 2024 in the Hong Kong banking sector.

The publication highlights:

  • The HKMA’s supervisory accomplishments in 2023 including fraud prevention and detection alongside strengthened monitoring of suspicious transactions;
  • AML RegTech adoption across the retail banking sector increased from 40% in 2019 to nearly 90% in 2023;
  • Further work in AML and financial crime risk as a work priority for the HKMA in 2024 to uphold banking integrity and promote consumer confidence, including developing guidance on high-risk areas such as risk-based Politically Exposed Person Guidance;
  • A renewed focus on anti-fraud for the HKMA in 2024 including pre-emptive & agile responses to digital fraud, education & promotion, collaboration, and innovation.

Firms with operations in or involving Hong Kong can review the HKMA 2023 review and 2024 outlook publication to gain insights into the work and objectives of the regulator.

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