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Tightening AML rules take a toll on client onboarding at private banks

Asian Private Banker - The Final Word: Regulations and compliance

Stricter anti-money laundering (AML) measures — such as the requirement to identify the client’s source of wealth/source of funds (SOW/SOF) — have made onboarding clients a greater challenge for private banks in the region’s two wealth hubs. Many banks struggle with putting together fragmented data for compliance purposes. Private banker sources in Singapore and Hong Kong who cover the Greater…

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