Local and foreign financial institutions in China should assess their current regulatory regimes, identify the “must-do” in keeping up with global compliance standards, and be regulator ready at all times. At the same time, they must continue to keep abreast of the ever changing new technology in order to optimise and automate their compliance operations.
A recent Know Your Customer (KYC) survey carried out in China revealed that:
- For most of the respondents, an automatic screening function is the key improvement needed for their current AML/CTF screening system.
- The majority of respondents screen correspondent or customer banks but almost half also screen High Net Worth (HNW) individuals.
- The biggest challenges to China’s financial institutions are manual processes and the lack of quality reference data.
Download the infographic to discover insights from the AML & Compliance banking professions in China about their current compliance challenges.