Faced with an uptick in enforcement actions across Asia, financial institutions, including private banks, are increasingly adopting centralised anti-money laundering (AML) strategies to bolster their defences. Historically, launderers have exploited the lack of communication between Western financial institutions, playing them against one another by hiding behind commercial competition and bank secrecy laws, according to Rory Doyle, head of financial crime…
Private banks pivot to centralised AML amid rising enforcement in Asia
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