HKMA Supports the Launch of Bank-to-Bank Information Sharing Platform

In June 2023, The Hong Kong Monetary Authority (HKMA), the Hong Kong Association of Banks (HKAB) and the Hong Kong Police Force (HKPF) launched the Financial Intelligence Evaluation Sharing Tool (FINEST), a bank-to-bank information sharing platform.

This platform aims to improve the sharing of information among banks to detect and disrupt fraud and mule account networks more effectively. By enhancing information sharing, the initiative seeks to provide better protection to the public against financial crimes, reduce fraud, and strengthen the integrity of the banking system. 

The HKAB developed the platform with guidance from the HKMA and support from the HKPF to ensure cyber-security and facilitate quick sharing of information between banks. This initiative is a priority for the HKMA in 2023 and is part of the joint anti-deception initiatives announced by the HKMA and the HKPF.

"FINEST will be rolled out in phases. The pilot phase involves five domestic systemically important Authorized Institutions (D-SIBs) and focuses on sharing of information related to corporates suspected to be involved in fraud-related money laundering activities,” the statement also said.

“Based on the experience gained from the pilot phase and any new issues addressed, the platform will be expanded by phases in future, to include more participating banks and cover personal accounts as well as share other financial crime-related information such as trade-based money laundering.”

This is a very positive step towards detection, deterrence and disruption of money laundering, fraud, and financial crime.

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