The MAS’ decision to shut down BSI Singapore yesterday sent shockwaves through the industry, forcing private banks to reassess their anti-money laundering (AML) controls, according to compliance and AML experts who have spoken with Asian Private Banker on the matter. “The decisive action [taken by Singaporean regulators] demonstrates that banks without proper AML controls or culture can expect to face […]

The post “Personal accountability the order of the day”, as BSI Singapore fiasco serves as wakeup call for private banking industry appeared first on Asian Private Banker.

Private banks are taking targeted measures to ensure that compliance functions are in place without increasing overhead costs, say tech specialists. “The next stage for compliance technology is seeing such communities form a network where information can be shared across the cloud,” explains Chrisol Correia,  general manager of AML international with LexisNexis Risk Solutions. At present, strategies among private banks […]

The post Private banks to use compliance technology on the cloud appeared first on Asian Private Banker.

As the regulatory landscape continues to evolve, the scrutiny on the intermediaries that use private banking services has increased in recent years, says a general manager at a global risk services firm. Law firms, financial advisers and accountancy or tax advisory firms, notes Chrisol Correia, general manager of AML international with LexisNexis Risk Solutions, are some intermediaries that deploy such services but […]

The post Regulators zero in on private banking intermediaries appeared first on Asian Private Banker.

The number of regulatory changes on the horizon easily, or perhaps uneasily, appears overwhelming for many compliance teams sitting in the middle and back offices of private banks. The ability to aggregate information using analytic tools from three key data points – cash positions, risk profile and portfolio management – is another way of recycling data to combat rising compliance […]

The post Recycling data to combat rising compliance costs appeared first on Asian Private Banker.