Hong Kong sees four-fold increase in suspicious bank transactions

According to a report by the Hong Kong Monetary Authority (HKMA), the number of intelligence-led reports submitted by banks on suspicious transactions in Hong Kong quadrupled in 2022 compared to the previous year. The report highlights the collaboration between the HKMA and banks in exploring innovative methods to enhance the anti-money laundering systems within the banking sector, particularly in tackling deception and financial crimes. HKMA Chief Executive Eddie Yue Wai-man also stated that Hong Kong's economic growth for this year could potentially reach the higher end of the government's estimated range of 3.5% to 5.5%. Additionally, the HKMA is considering the feasibility of raising the deposit protection cap beyond HK$500,000, and public consultation on this matter may take place in the second half of the year.