As to further encourage the use of RegTech, the HKMA launched the first AML RegTech Lab (AMLab), in collaboration with Cyberport and supported by Deloitte on 5 November 2021.
The AMLab focuses on using Network Analytics to address the risks of fraud-related mule accounts, enhancing data and information sharing through public-private partnership efforts in AML.
In addition to Network Analytics, the AMLab will also provide a collaborative platform for peer group to share experience of RegTech approaches, focusing on solutions, such as machine learning in transaction monitoring process.
FCCA was invited to join AMLab to provide technology sharing and suggestions to resolve the pain point of the banks. Also, FCCA has performed a project with one of the banks to resolve the network analytics on the AML system.
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