Asia’s Top Financial Crime Screening Challenges

At the Accuity Client Summit – Fircosoft Financial Crime Compliance Event, Singapore, Accuity conducted a market survey with 150+ Compliance & AML professionals to understand their financial crime compliance screening challenges. Highlighted below is a synopsis of some of the key findings:

In the compliance screening process, lack of automation and quality reference data were the biggest challenges for Asian financial institutions
Ultimate Beneficial Ownership (UBO) was found to have the most significant impact on the KYC on-boarding process
Most institutions are exploring automation through robotics or next gen technologies like Artifical Intelligence (AI) & Machine Learning (ML)
With the increasing complexities, most organisations feel that their AML/CFT risks have increased and they find it tougher to be ‘regulator ready’
FPR, AML/CFT monitoring, examination and reporting continues to be the biggest challenge for institutions in Asia

Download the infographic to discover insights from the AML & Compliance professions across Asia about their current compliance challenges.

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