HKMA proposes easing data-sharing rules between banks

Hong Kong authorities cite need to tackle digital fraud and money laundering more effectively

Hong Kong _ junkboat _ Getty - web.jpg

The Hong Kong Monetary Authority (HKMA) is seeking views on a proposal to allow banks and deposit-taking firms to share customer information among themselves, and thereby improve the detection of financial crime. 

The proposed changes would involve granting legal protection to eligible institutions that shared relevant customer data as part of the efforts to tackle fraud and money laundering in the territory. 

In a public consultation paper published on January 23, the territory’s de facto central

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