The HKMA issued a public consultation paper on 23 January 2024 to gather feedback and opinions regarding his proposal to enable AIs to engage in the sharing of customer account information. The primary objective of this proposal is to prevent and detect financial crime.
In recent years, there has been a significant global surge in financial crime, particularly digital fraud, which has also impacted Hong Kong. Apart from inflicting harm on victims, extensive digital fraud has the potential to erode public trust in the adoption of innovative digital financial services. Despite the progress achieved through public-private information sharing partnerships, Hong Kong still faces the persistent challenge of criminals exploiting the financial system for illicit fund movement.
In this regard, the HKMA seeks input from the banking sector and the public regarding his proposal to enable AI-to-AI information sharing. This proposal encompasses legislative amendments aimed at offering legal protection to AIs and implementing safeguards to preserve data privacy and customer confidentiality. The proposed arrangement aligns with comparable advancements observed in other international financial centres.
The public consultation will last until 29 March 2024 and the consultation paper is available here.
