Asian Banks in Money-Laundering Crackdown
Emerging Markets
The report, The Big Business of Dirty Money, found that 60 percent of the 18 heads of risk management and AML compliance in Australia, India, Indonesia, Malaysia, the Philippines, Singapore and Thailand say they need to improve AML procedures. Banks must toughen up due diligence for client identification and acceptance and transaction monitoring, the survey found.
"Interest had been localized in mature markets, but a new wave of enforcement is pressuring regional banks in developed and emerging
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