The Hong Kong Monetary Authority (HKMA), the Hong Kong Police Force (HKPF) and The Hong Kong Association of Banks (HKAB) jointly announced a package of measures to strengthen the prevention, detection and disruption of fraud and scam-related money laundering, with a particular focus on mule account networks. The package expands banks’ use of Scameter data and expects banks to combine it with network analytics to identify suspicious accounts and share data on additional mule account networks. Legislative amendments have been introduced to enable bank-to-bank information sharing when banks identify activity that may indicate possible prohibited conduct, including money laundering and terrorist financing; ten banks are already sharing information on the HKPF’s Financial Intelligence Evaluation Sharing Tool platform, with an upgraded platform intended to be operational by the end of the year. The HKMA has also shared good practices for banks’ anti-fraud and anti-money laundering systems and will use thematic reviews and a regular industry communication platform to assess system performance and strengthen controls. Public messaging will be reinforced through a “Don’t Lend/Sell Your Account” campaign and an HKAB Anti-fraud Education Taskforce comprising 18 major banks. The announcement cited 44,480 deception cases in 2024 (up 11.7% from 2023) and 10,496 arrests for deception and money laundering offences, including about 7,700 arrests linked to mule accounts (up 13.6%); the HKPF also noted a 2.3-fold increase in money laundering prosecutions and that, by early April 2025, sentences for 95 mule account holders had been increased by 13% to 33%, with imprisonment terms ranging from 21 to 75 months. Next steps include bringing the upgraded FINEST information-sharing platform into operation by the end of the year and continuing HKMA-HKPF engagement with banks through thematic work and ongoing coordination mechanisms.

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