HKMA Concludes Consultation on Information Sharing Among Authorized Institutions
Darius Baruo Sep 30, 2024 05:16
The Hong Kong Monetary Authority (HKMA) concludes its consultation on information sharing among Authorized Institutions to prevent and detect crime.
The Hong Kong Monetary Authority (HKMA) has published the conclusions of its public consultation on proposals for information sharing among Authorized Institutions (AIs) to aid in the prevention and detection of crime. This announcement, made on September 30, 2024, outlines the main feedback received, the HKMA’s responses, and the next steps for implementing the proposal, according to the Hong Kong Monetary Authority.
Public Consultation and Responses
The HKMA initiated the public consultation on January 23, 2024, seeking input from the banking sector and the public on the proposed information sharing among AIs. The primary objective of this proposal is to protect bank customers and the banking system from fraud, money laundering, and terrorist financing (ML/TF). The consultation attracted 18 submissions from various stakeholders, including the banking industry, professional associations, public sector, law enforcement agencies, relevant firms, organizations, and members of the public.
Respondents generally supported the proposal. The HKMA particularly acknowledged the comments from the Office of the Privacy Commissioner for Personal Data (PCPD), which emphasized the need for protecting personal data privacy under the Personal Data (Privacy) Ordinance (PDPO). These comments have been considered and reflected in the Conclusions Document.
Next Steps and Legislative Amendments
In light of the feedback received, the HKMA will proceed with preparing the necessary legislative amendments as part of a broader review of the Banking Ordinance. Concurrently, the HKMA will continue to engage with stakeholders on practical matters related to the implementation of the proposal.
For those interested, the full Conclusions Document is available on the HKMA website.
This initiative by the HKMA represents a significant step forward in enhancing the security and integrity of Hong Kong's banking system, reinforcing the region's commitment to combating financial crimes through collaborative efforts and advanced regulatory measures.
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