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The Hong Kong Monetary Authority (HKMA) granted eight virtual banking licences in 2019. All virtual banks officially commenced operation in 2020. These banks primarily deliver retail banking services to customers through electronic channels such as the Internet.
To effectively protect the financial system of Hong Kong, a Force’s working group formed by the Anti-Deception Coordination Centre (ADCC) and the Intelligence Division of the Commercial Crime Bureau (CCB), the Joint Financial Intelligence Unit of the Narcotics Bureau and the Cyber Security and Technology Crime Bureau, had been working proactively to coordinate with the virtual banks and provide professional advice during the period from the virtual banking licence application to the launch of virtual banks.
To combat money laundering activities in Hong Kong in a more effective manner, CCB always strives to reinforce the collaboration with the stakeholders in the financial sector. On December 22, 2020, CCB conducted an exchange meeting with representatives of the eight virtual banks, HKMA and the Force’s working group. In view of the pandemic, the meeting was held through video conferencing. At the meeting, ADCC outlined crime trends in relation to the virtual bank accounts involved in fraud and money laundering activities and provided the banking sector with measures and strategies to combat money laundering.
