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Authored by: Simon Deane and Jennifer Lok
The Financial Intelligence Evaluation Sharing Tool (“FINEST”), a bank-to-bank information sharing platform developed by the Hong Kong Association of Banks (“HKAB”) in partnership with the Hong Kong Police Force (“HKPF”) and the HKMA, launched its pilot phase on 20 June 2023. FINEST provides a secure and efficient platform for sharing data relating to suspected financial crimes among banking institutions.
The aim of this bank-to-bank information sharing initiative is to facilitate the detection and prevention of financial crime across the banking sector, thereby helping to mitigate fraud and money laundering risks.
The pilot phase of FINEST focuses on corporate data, and involves the participation of five domestic systemically important AIs (D-SIBs), namely Bank of China (Hong Kong) Limited, Standard Chartered Bank (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited, Hang Seng Bank Limited and Industrial and Commercial Bank of China (Asia) Limited. It is expected that more banks will join FINEST in phases, and the scope of information to be shared will be further expanded, e.g. to cover personal accounts, in the future.
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