Hong Kong’s banking sector, led by the Hong Kong Monetary Authority (HKMA), has launched the Financial Intelligence Evaluation Sharing Tool (Finest) to strengthen its defenses against fraud and financial crimes. Initially, five major banks, including the Bank of China (Hong Kong), Standard Chartered (Hong Kong), and HSBC, are participating in this programme, focusing on businesses suspected of fraud-related money laundering. The platform is expected to include personal accounts and other types of financial crime in the future. HKMA Chief Eddie Yue Wai-man believes that such interbank information sharing can greatly enhance the integrity of the banking system.
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