Global regulatory bodies are getting serious about combatting financial crime, scrutinizing Anti-Money Laundering (AML) and Know-Your-Customer (KYC) procedures with microscopic lenses – and Asia is no exception.
According to recent research, there have been more fines levied against financial institutions in APAC over the past three years than ever before with one bank in 2018 receiving the largest fine ever levied at $534 million.
In 1989, the Financial Action Task Force (FATF) was founded on a G7 initiative to specifically develop policies to combat money laundering and terrorism financing. Today its membership boasts over 38 members from countries around the world, including several countries within APAC.
Rachel Woolley, Global AML Manager at Fenergo, provides an overview of the recent regional FATF activities in APAC and potential outcomes from their guidance recommendations.