Hong Kong’s Airstar Bank, livi bank to counter money laundering schemes with FCC Analytics partnership

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Azunta Gaviola

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1 week ago

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Hong Kong – FCC Analytics, a regulatory tech firm, has announced that it has recently signed a Memorandum of Understanding with Hong Kong’s Airstar Bank and livi bank. This partnership is designed to implement a federated learning technology for anti-money laundering, allowing banks to preserve data privacy.

As an enhanced collaboration, the initiative also aligns with the Hong Kong Monetary Authority’s (HKMA) initiative to leverage artificial intelligence for monitoring suspicious activities in the financial sector.

Said adoption further enables banks to exchange insights on potential money laundering activities without compromising sensitive customer information. The use of decentralised machine learning algorithms, on the other hand, represents a significant breakthrough in the fight against financial crime. 

In addition, this move supports the HKMA’s regulatory framework, improving the banks’ ability to meet compliance requirements. It also enhances the monitoring process, enabling banks to reduce operational costs tied with traditional anti-money laundering methods. 

Wallace Chow, founder and CEO at FCC Analytics, said, “We extend our heartfelt thanks to Airstar Bank and livi bank for their commitment to this initiative. Our vision is to support banks in combating financial crime by driving a peer-to-peer federated learning network across the Asia Pacific for various collaborative purposes.”

Henry Yu, chief compliance officer at Airstar Bank, further remarked, “This partnership marks a significant step forward in our commitment to combating financial crime. By leveraging federated learning, we can enhance our AML capabilities while maintaining the highest standards of data privacy.”

By incorporating the technology, banks can further improve the detection of suspicious patterns through collaboration among banks without the need to share raw data. It also ensures that sensitive customer data remains securely on each bank’s local servers.

Meanwhile, Karen Kwok, head of financial crime compliance at livi bank, commented, “The ability to share insights without compromising customer data is revolutionary. This initiative not only strengthens our compliance efforts but also reinforces our dedication to protecting our customers and the integrity of the financial system.”

 

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Video Title Here: The Indonesian on-ground activation status

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Video Title Here: The Indonesian on-ground activation status

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