The Future of Compliance Screening in South Asia


This Insights Report highlights the financial crime compliance screening challenges that banks are currently facing and suggests specific improvement areas that demand focus from banks and regulators alike, going forward.

Accuity collaborated with Fintelekt, to come up with an insights report on the financial crime compliance screening challenges that banks are currently facing in South Asia and suggesting specific improvement areas that demand focus from banks and regulators alike, going forward.

In the ever changing regulator world, the banks in South Asia are saddled with a lot of issues :

  • Fintelekt surveys across the region found that 75% per cent banks in India, 78% in Nepal, 97% in Bangladesh and 50% in Sri Lanka rated Trade based money laundering (TBML) as among the top 3 challenges faced by their banks.
  • A Fintelekt survey in Nepal found that 47% banks were maintaining KYC/CDD records manually and a similar survey by Accuity, indicated that 76 % of respondents reported that lack of automation was their biggest challenge in the screening process.
  • An Accuity survey in Sri Lanka found that repeated manual checks were a challenge for 68 % respondents, which is leading to high operational cost and low efficiency to stay compliant.
  • The AML Process Maturity Survey in Bangladesh by Fintelekt showed that 17 % banks were still using manual tools for screening, while another 28 % were using inhouse developed look up tools.

Going forward, significant investments in technology, processes and people will be inevitable for all banks and financial institutions in South Asia, should they wish to build a sustainable business. Institutions will have to build a culture of compliance and address risk holistically. Legacy IT systems and manual processes can’t cope with the high customer volumes and unclear risks – least of all be effective in stopping financial crime and institutions will have to increasingly look at Artificial Intelligence (AI) and Machine Learning (ML) technologies.

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Thank you for your interest in our resources and insights. You can access “The Future of Compliance Screening in South Asia” by clicking the link below.

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