Hong Kong’s financial institutions are facing mounting challenges as investigations expose significant gaps in Anti-Money Laundering (AML) compliance and cybersecurity defences. A recent operation, codenamed "Spark II," revealed a USD1.6bn money laundering scheme involving multiple shell companies and over 4,000 suspicious transactions. The case underscored weaknesses in banking controls, with insiders facilitating the bypassing of monitoring systems. In a separate operation, dubbed "Eclipse," authorities uncovered a money laundering syndicate using cryptocurrencies, highlighting gaps in digital asset regulations.Industry leaders, including Carrie Law of WOW Group, are calling for enhanced cybersecurity and AML solutions as threats evolve. The upcoming event by WOW IMPACT GROUP and the Hong Kong Digital Finance Association will address these challenges, providing insights into regulatory updates and advanced defences for the financial sector.