Hong Kong regulator: blockchain can help banks with AML

The head of risk and strategy for the Hong Kong Securities and Futures Commission has said that blockchain technology could assist banks in tackling anti-money laundering, in addition to complying with know your customer (KYC) regulations, trade finance and corporate action processing. She added that blockchain might be adopted more quickly for digital banking, crowd funding and the settlement of private securities as there are no existing processes for the technology in a bank's back office to slow down adoption.

Blockchain technology is behind the virtual currency Bitcoin, but could have uses in helping banks combat money laundering and fraud, according to a senior Hong Kong regulatory official. Photo: Reuters