Commissioner of Police Raymond Siu Chak-yee (left) and Executive Director (Enforcement and AML) of the Hong Kong Monetary Authority Carmen Chu unveil the plaque of Anti-Deception Alliance in Hong Kong, Nov 24, 2023. (PHOTO / HKSAR GOVT)

HONG KONG – The Hong Kong Police Force (HKPF) launched a platform – Anti-Deception Alliance or ADA – on Friday to strengthen the capability of the anti-money laundering eco-system to detect, disrupt and deter scams.

Spearheaded by the HKPF, the initiative is the latest achievement in a long history of close public-private collaboration among the Hong Kong Monetary Authority, the HKPF and the banking industry to protect the financial system and the community against fraud and financial crime risk, the HKMA – the city’s de facto central bank – said in a statement. 

ADA will strengthen the effectiveness of the existing 24/7 stop payment mechanism operated by the Anti-Deception Coordination Centre of the HKPF, by bringing together officers of the ADCC and staff of the participating banks to expedite the identification and interception of crime proceeds, according to the statement. 

READ MORE: Hong Kong sees surge in fraud cases in first-half of 2023

The launch of the ADA marks another important milestone for public-private partnerships in combating fraud and financial crime.

Eddie Yue, Chief Executive, HKMA

It will also quicken the proactive identification of potential victims of scams, it added. 

“We firmly believe that rapid and effective communication and intelligence sharing will assist the banking industry to detect and prevent fraud risk and related mule account networks, as well as helping intercept fraudulent payments more effectively,” said HKMA Chief Executive Eddie Yue Wai-man.

These efforts help protect and enhance public confidence in using digital financial services, and support the healthy development of Hong Kong as an international financial center, he added.

ADA’s integrated work environment, together with analytics capabilities of banks driven by the HKMA's work in Anti-Money Laundering/Counter-Financing of Terrorism Regulatory Technology, will boost intelligence sharing, enable swift decision-making and close cooperation among all stakeholders to grow the operational value of both the ADCC and the 24/7 stop payment mechanism, according to the statement.

The HKMA termed the initiative as “another example of how banks continue to work closely with key partners at the forefront of taking action to safeguard the community against fraud and financial crime”. 

ALSO READ: HK crime rate up 4.4% in first 9 months due to deception cases

Chief Executive of Hong Kong Monetary Authority Eddie Yue Wai-man welcomes the launch of Anti-Deception Alliance, Nov 24, 2023. (PHOTO / HKSAR GOVT)

Senior representatives from the Hong Kong Monetary Authority, Hong Kong Police Force, Hong Kong Association of Banks, and 10 participating banks officiate at the inauguration of Anti-Deception Alliance, Nov 24, 2023. (PHOTO / HKSAR GOVT)

It also said the Faster Payment System Suspicious Proxy ID Alert based on Scameter database will also be launched soon.

Taken together with other anti-deception initiatives announced by the HKMA with the HKPF and 28 retail banks in April, it will enhance the fight against fraud and financial crime and reduce financial losses to the public, added the HKMA.