FINEST is a bank-to-bank information sharing platform which is designed to:
- Increase the ability of banks to share information for detecting and disrupting fraud and mule account networks;
- Give the public greater protection from fraud and financial crimes; and
- Enhance the integrity of the banking system.
- The platform will be introduced in phases, beginning with a pilot phase involving five domestic systemically important Authorized Institutions (“D-SIBs”) and will focus on sharing information related to corporates suspected to be involved in fraud-related money laundering activities.
Based on the pilot phase, the platform may be expanded to include additional banks. Firms can follow the progress of the platform’s initial implementation.