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Less than 10% of PB tech budgets dedicated to AML, risk management, despite rising risks

Private banking COOs have revealed that there is a clear disconnect between technology budget allocations and anti-money laundering (AML) and risk management spend at private banks in the region, according to a poll taken at Asian Private Banker’s COO Leaders Conversation in Hong Kong yesterday. Indeed, the 1MDB and Panama Papers debacles may have shed light on private banks’ AML processes but, surprisingly,…

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