The Hong Kong Monetary Authority (HKMA), the Hong Kong Police Force (HKPF) and The Hong Kong Association of Banks (HKAB) have unveiled a raft of new measures aimed at tackling the growing threat of fraud and money laundering in the region.
The move comes as Hong Kong continues to battle rising levels of financial crime, with criminals leveraging technology to target victims at unprecedented speed and scale. Figures from 2024 revealed a total of 44,480 deception cases were reported, marking an 11.7% increase compared to 2023. In the same year, 10,496 people were arrested for their involvement in fraud and money laundering activities, including around 7,700 individuals who sold or allowed their bank accounts to be misused – a 13.6% increase from the previous year.
In response, the HKMA, HKPF and HKAB have introduced several key initiatives to strengthen the city’s defences against financial crime.
One major development is the expanded use of Scameter data, a tool designed to help banks identify suspicious accounts and alert customers potentially at risk. By combining Scameter data with network analytics, banks will be better equipped to detect mule account networks and share this intelligence to disrupt fraudulent activity.
Another significant step is the introduction of legislative amendments allowing for bank-to-bank information sharing when suspicious activities are detected. This will further enhance efforts to combat money laundering and terrorist financing. Currently, ten banks already share information via the Financial Intelligence Evaluation Sharing Tool (FINEST), operated by the HKPF. An updated platform capable of handling increased data exchanges is expected to be operational by the end of 2025.
Additionally, the HKMA has shared industry best practices to support banks in strengthening their anti-fraud and anti-money laundering systems. The regulator will also conduct thematic reviews to help banks assess the effectiveness of their controls and will foster ongoing dialogue within the sector to boost its ability to detect mule account networks.
Public education is also a key focus. The HKMA, HKPF and the banking industry will ramp up efforts to warn the public against lending or selling their bank accounts – a crime that could lead to prosecution and imprisonment. In 2024, the number of individuals prosecuted for money laundering offences rose by 2.3 times compared with 2023. By early April 2025, enhanced sentencing had been applied to 95 convicted mule account holders, increasing their sentences by between 13% and 33%, with imprisonment terms ranging from 21 to 75 months.
To further these efforts, HKAB has launched the Anti-fraud Education Taskforce, which brings together 18 major banks to improve public awareness and outreach.
The HKMA said it will continue working closely with the HKPF, banks and other stakeholders to strengthen Hong Kong’s defences against fraud and financial crime.
HKMA chief executive Eddie Yue said, “Combating fraud and financial crime requires the concerted efforts of the whole community. With the rollout of these new measures, the HKMA, HKPF and the banking sector are stepping up our collaborative efforts to detect and deter criminal activities, protect the banking system and safeguard customers.”
HKPF assistant commissioner of police (crime) Chung Wing-man said, “Fraud and money laundering crimes are becoming more rampant and complex. The Police will continue to work closely with the HKMA and the banking industry to combat these crimes through innovative approaches and multi-pronged strategies.”
HKAB chairperson Sun Yu said, “HKAB fully supports the collaborative initiatives announced today. The banking industry will continue to work closely with the HKMA and the Police in implementing these measures, raising public awareness and protecting our customers against fraud and financial crime.”
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