Hong Kong launches information sharing platform

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The Hong Kong Monetary Authority (“HKMA”), Hong Kong Association of Banks (“HKAB”) and the Hong Kong Police Force (“HKPF”) have launched the Financial Intelligence Evaluation Sharing Tool (“FINEST”).

FINEST is a bank-to-bank information sharing platform which is designed to:

  • Increase the ability of banks to share information for detecting and disrupting fraud and mule account networks;
  • Give the public greater protection from fraud and financial crimes; and
  • Enhance the integrity of the banking system.

The platform will be introduced in phases, beginning with a pilot phase involving five domestic systemically important Authorized Institutions (“D-SIBs”) and will focus on sharing information related to corporates suspected to be involved in fraud-related money laundering activities.

Based on the pilot phase, the platform may be expanded to include additional banks. Firms can follow the progress of the platform’s initial implementation.

https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/06/20230620-5/

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