Hong Kong banks are to be invited to utilise a recently developed database of names to help them comply with tougher anti money laundering rules laid down by the Hong Kong Monetary Authority.
The HKMA has called on banks to strengthen their defences against terrorist financing by the end of the year and has reported that money laundering offences are on the rise; 11,000 cases were suspected in 2003, up 10% on the previous year.
However, a privately developed database containing some 400,000 names created by the information specialist Factiva is being marketed to institutions in Hong Kong and elsewhere in Asia to help them screen more effectively a client’s credentials.
“Our database of 400,000 names include people of political influence round the world, as well as people connected to them, and is the largest database of its type in the world,” explained Clare Hart, chief executive of Factiva.
The database was developed initially in 2002 and is only offered to government agencies and financial institutions. First used by banks in the US and Europe, Factiva is now selling access to the database to Asian jurisdictions in the light of regulatory changes in Hong Kong and also Singapore.
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