The Government welcomed the Legislative Council’s June 4 passage of the Banking (Amendment) Bill 2025, aimed at improving crime prevention through conditional account information sharing among banks.

Based on a report from GovHK, the Amendment Ordinance establishes a voluntary, secure electronic system for information sharing between banks and the related law enforcement agencies.

When suspected money laundering, terrorist financing, or related activities are detected, information about corporate and individual accounts can be shared swiftly via HKMA-designated platforms.

It also offers legal protection to banks that share relevant information. This Hong Kong bank information sharing mechanism allows banks and law enforcement to act quickly to block illicit funds and speed up intelligence gathering, enhancing public protection against fraud and related money laundering.

The Secretary for Financial Services and the Treasury, Christopher Hui, said,

“The new mechanism not only enhances Hong Kong’s ability to combat fraud and associated money laundering activities, providing better protection for citizens, but also helps maintain the stability of Hong Kong’s banking system and showcases the efforts made by Hong Kong, as an international financial centre, in international collaborations to combat relevant illegal activities.”

HKMA’s Chief Executive Eddie Yue added on, saying that the new information sharing mechanism would enhance the capabilities for banks to detect and prevent fraud and other financial crimes, too.

Yue added that the HKMA will work with the Hong Kong Police Force and banks to prepare for the new mechanism, including system upgrades and practical guidelines, aiming for swift implementation for the Hong Kong bank information sharing.

The Amendment Ordinance will take effect this year, with the official start date to be announced later.

Featured image: Edited by Fintech News Hong Kong, based on image by TravelScape via Freepik