Hong Kong Hosted SFC AML/CFT Regtech Forum 2024 to Promote Reponsible Regtech Adoption for Anti-Money Laundering & Counter-Financing of Terrorism
8th November 2024 | Hong Kong
Hong Kong Securities and Futures Commission (SFC) has hosted the SFC AML/CFT Regtech Forum 2024 (4th Nov 2024) to promote responsible Regtech adoption for anti-money laundering & counter-financing of terrorism. Hong Kong SFC (4/11/24): “The Securities and Futures Commission (SFC) concluded its forum to encourage the financial services sector to embrace regulatory technology, Regtech, in combatting money laundering and terrorist financing. More than 300 participants – including government officials, industry representatives and experts – attended today’s “SFC AML/CFT Regtech Forum 2024”. They engaged in dynamic, interactive and in-depth discussions over the latest developments and adoption trends in Regtech, encompassing its practical application in legal and regulatory compliance for anti-money laundering and counter-financing of terrorism as well as risk management. The full-day event at the Hong Kong Convention and Exhibition Centre also featured a keynote address by Mr Joseph Chan, Acting Secretary for Financial Services and the Treasury, who called upon the financial industry to facilitate compliance through Regtech, emphasising that with innovation in artificial intelligence and Fintech and collaborative efforts, Hong Kong can build a competitive, resilient and responsible financial ecosystem. In another highlight of the forum, Dr Eric Yip, the SFC’s Executive Director of Intermediaries, hosted a panel session with senior representatives from the Hong Kong Customs and Excise Department and the financial industry. They shared valuable insights into the emerging trends of money laundering risks and discussed the potential of utilising technologies to enhance capabilities and address these risks effectively. Dr Yip emphasised the transformative power of Regtech in analysing vast amounts of data, which enables the prompt and effective detection and management of risks related to money laundering and terrorist financing.”
“ Hong Kong Hosted SFC AML/CFT Regtech Forum 2024 to Promote Reponsible Regtech Adoption for Anti-Money Laundering & Counter-Financing of Terrorism “
Julia Leung, the Chief Executive Officer (CEO) of the SFC, urged the financial industry to adopt Regtech responsibly and more widely. She also unveiled the publication of the SFC’s Report on the Adoption of Regtech for Anti-Money Laundering and Counter-Financing of Terrorism, while citing it to highlight the progress, key drivers and illustrative use cases in Regtech adoption.
“It is more affordable than you think, especially compared to the heavy cost of overlooking money laundering risks … … By following the Regtech adoption roadmap, we can make compliance more efficient and effective, which is sure to strengthen the integrity of our financial system.”
Hong Kong Hosted SFC AML/CFT Regtech Forum 2024 to Promote Reponsible Regtech Adoption for Anti-Money Laundering & Counter-Financing of Terrorism
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