Citibank Hong Kong and Aereve were jointly awarded Banking Industry Collaboration of the Year at the 7th Regulation Asia Awards for Excellence on 4 November 2024.

Presented in the Banking, Risk and Integrity category, the Banking Industry Collaboration of the Year award honours initiatives that bring together a diverse range of stakeholders to address industry challenges, improve operational efficiencies, and drive regulatory advancements.

The collaboration between Citibank Hong Kong and Aereve (team members including Andre Leung, Hao Ma, Arnold Chan and Winson Wong) centred on enhancing anti-money laundering (AML) and know-your-customer (KYC) processes, particularly within the digital assets space and for clients with Chinese names. The partnership significantly improved the bank’s compliance capabilities by developing a dual-system interface that integrates GenAI-based on-chain off-chain AML KYC analytics and Google search insights, enhancing accuracy and reducing false negatives in AML screenings. With the support of the Hong Kong Monetary Authority (HKMA), Aereve’s specialisation in multilingual processing for Chinese characters further strengthened AML efforts, allowing Citibank Hong Kong to meet its compliance goals while boosting automation and efficiency.

“Citibank Hong Kong and Aereve’s partnership demonstrates a pioneering approach to compliance and collaboration in the banking sector,” remarked the judging panel at the Regulation Asia Awards. “Their commitment to leveraging advanced language processing and analytics highlights a forward-thinking model for AML innovation, benefiting not only Citibank’s clients but also raising the standards for the industry as a whole.”

“Citibank Hong Kong’s collaboration with Aereve has set a new benchmark for partnerships in AML innovation, particularly in the complex digital asset space,” added Bradley Maclean, Co-founder of Regulation Asia and Chair of the Awards Committee. “Their combined efforts to integrate GenAI-based on-chain off-chain AML KYC analytics and Google search insights exemplify the kind of approach needed to bolster resilience and transparency in today’s financial landscape.”

This award underscores the critical importance of cross-industry partnerships in driving effective risk mitigation and operational resilience across Asia’s banking sector. Citibank Hong Kong and Aereve’s collaboration not only strengthens the region’s AML infrastructure but also serves as a model for how partnerships can address specific compliance challenges in the evolving digital economy.

About the Regulation Asia Awards for Excellence 2024

The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.

For a full list of the award 2024 winners, visit www.regulationasia.com/awards.

About Regulation Asia

Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 13,000+ subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.

Visit www.regulationasia.com or connect via LinkedIn or Twitter.