A new industry working group has been formed to help Hong Kong's banking sector combat money laundering and terrorist financing.

Chaired by the Hong Kong Monetary’s Authority Deputy Chief Executive, William Ryback, the group includes 19 representatives from the banking industry.

The aims of the group are:

- To encourage the sharing of anti-money laundering and counter-terrorist financing experiences and techniques among authorised institutions;
- To provide industry feedback to the authority on the implementation of supervisory standards;
- To promote industry standards and best practices on specific areas in which the industry may need more guidance; and
- To raise the industry's and general public's anti-money laundering and counter-terrorist financing awareness.