April 27, 2015 – Wolters Kluwer Financial Services and The Dragon Banker today released a joint anti-money laundering survey of banking executives in Greater China. The survey revealed banks across the region face pressing issues amidst increasing regulatory pressures, such as keeping up with evolving internal and external regulations, managing costs, maintaining advanced analytical software to identify suspicious transactions, challenges with KYC processes and heightened scrutiny from regulators.
The survey of AML, legal and compliance decision makers in leading banks across China, Hong Kong and Taiwan evaluated the current regulatory environment and captured industry perceptions of evolving regulations. Wolters Kluwer Financial Services and The Dragon Banker also assessed decision-making processes within AML and compliance departments, explored opportunities and threats banks are seeing and identified key issues for banks related to fraud detection, regulatory expectations and the usage of technology.
Specific insights by country include:
“Through our survey we discovered banks across the region share the need to improve KYC processes, implement reporting systems and improve internal control systems and administrative rules,” said Michael Thomas, director, North Asia with Wolters Kluwer Financial Services. “There is a deep need for expertise in developing a strong AML architecture, and our discussions with banks in the region reveal recognition that this can’t be accomplished without a trusted partner.”
The survey was conducted through interviews from late January 2015 through early March 2015.
You can download a copy of the full whitepaper, Greater China Anti-Money Laundering Banking Insights, or obtain a printed copy by visiting Wolters Kluwer Financial Service’s booth, number 300, at ACAMS 7th Annual AML & Financial Crime Asia Pacific Conference in Hong Kong from April 27-28, 2015
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