Our recent survey with Risk.net found that financial institutions (FIs) in the ASEAN region ranked Identity fraud/false identification (67.9%) and Trade-based money laundering (50%) as the top two financial crime typologies. This is also the reason why the effective enforcement of AML regulations has long been a priority for governments. In the next few years, several more countries in Asia are likely to upgrade their AML regulations, and the enforcement of those laws.
In this webinar, we’ve uncovered whether ASEAN FIs are combating financial crime effectively, particularly within the Anti-Money Laundering space. Having up to date systems is paramount for financial institutions to predict and identify potential financial crime activities.
Key insights from the experts:
47% of FIs planned to enhance their KYC/ customer due diligence and transaction monitoring systems
In addition to minimising regulatory fines, 26% of FIs are looking to enhance their AML solution because of the inability of their current rules-based system to detect anomalies and unusual patterns
Machine learning and AML transaction monitoring are the top two solutions that FIs are exploring this year
Josephine Woo, Chief Risk Officer, RHB; Francis Choi, Head of AML, Ping An OneConnect Bank; Nick Vitchev, Research Specialist, Financial Crime and Fraud, Chartis and Dev Dhiman, Managing Director APAC, GBG discussed how banks leverage scalable technology and up to date system to innovate and mitigate potential financial crime activities while increasing their business efficiency.