Latest survey by Wolters Kluwer Financial Services highlights AML and CTF compliance challenges
Anti-Money Laundering (AML) and Countering Terrorist Financing (CTF) compliance is the key challenge faced by Asia Pacific (APAC) financial institutions, according to the latest survey by risk and regulatory technology firm Wolters Kluwer Financial Services.
In the survey 64% of respondents said they were concerned with increased AML and CTF reporting requirements, following the heightened regional regulatory push to clamp down on money laundering. This compares with 58% when a similar poll was conducted in 2014.
“Often prompted by Financial Action Task Force (FATF) inspections, most authorities in the Asia Pacific region now have a key focus on the main money laundering risks, and they continue to identify and investigate a greater number of money laundering cases,” noted Michael Thomas, North Asia director at Wolters Kluwer Financial Services. “In tandem with these developments governments are starting to introduce AML laws which means institutions have to take reporting more seriously than ever before.”
As a result, there is increased demand for the limited pool of trained AML specialists, with 56% of respondents citing that as their second most important challenge in AML compliance. This compares with 46% in 2014. The APAC survey of 90 finance industry professionals was conducted by Wolters Kluwer Financial Services in partnership with the GRC Institute.