Reports of suspicious transactions by banks hit a 13-year high, and the Hong Kong Monetary Authority said that 80% of the industry initiated anti-fraud measures

Last year, the Joint Financial Intelligence Unit, formed by the police and customs, received more than 97,000 suspicious transaction reports, the highest number since 2011. Surprisingly, more than 80% of the reports came from the banking industry. The Hong Kong Monetary Authority pointed out that the increase in this number is mainly due to the industry's proactive anti-fraud measures.

The banking industry plays a key role in preventing financial fraud, and their proactive initiatives help increase risk awareness throughout the financial system. The HKMA commended the efforts of the banking industry and called on other financial institutions to follow their lead in combating financial crime.

HKMA’s response

The MAS has responded to an increase in the number of suspicious transaction reports last year, which they say reflects a trend of increased financial crime. In order to maintain the stability and security of the financial system, the HKMA will continue to cooperate with all parties to strengthen supervision and combat financial crime.

future outlook

With the development of financial technology and changes in financial markets, forms of financial crime are also constantly evolving. The Monetary Authority calls on financial institutions to continuously improve their risk management and monitoring capabilities, promptly detect and prevent suspicious transactions, and jointly maintain the stability and security of the financial system.

Conclusion

Financial crime is a global problem that requires joint efforts from all parties to effectively combat it. It is hoped that through the cooperation between the Hong Kong Monetary Authority and financial institutions, financial fraud activities can be effectively prevented and the rights and interests of investors and the public can be protected.