Alex Oxford
MANAGING DIRECTOR, ASIA-PACIFIC
What key trends in the Asia-Pacific market are shaping AML/CFT compliance programmes?
Macro-factors continue to impact sanctions and financial crime compliance in the Asia-Pacific region. Geopolitical headwinds dominate the sanctions landscape, with potential changes in North America’s government, and China resisting outside influence. In addition to potential trade wars and tension in the Taiwanese Strait, sanctions on the Myanmar regime and other human rights-based sanctions require financial institutions to implement robust controls to detect sanctioned individuals. Financial crime compliance specialists are increasingly involved in NRAs and FATF Mutual Evaluations. As regulatory authorities and national agencies strive to improve their AML/CFT-PF effectiveness, they are turning to technology and data analytics. This approach helps them understand risks and provides vital information to combat financial crime.
What factors are the most critical in helping multinational banks and regulators enhance their compliance strategies?
Collaboration – both internal and external, and via PPPs – is crucial. Enhanced industry collaboration boosts effectiveness for both regulated entities and supervisors. Initiatives like Singapore’s COSMIC, Hong Kong’s FINEST, and Australia’s Fintel Alliance highlight increased information sharing to combat financial crime. Data may not be the new oil, but it’s actually redefining our industry. Organisations are pairing leading technologies with data to deliver insights through automation, transforming how financial institutions improve AML/CFT performance. This evolution helps find the ‘needle in the haystack’ for screening and monitoring strategies. Supervisors now have real-time access to a broad range of risk factors, enabling them to detect and address financial crime, scams or money laundering before they escalate.
How does your RegTech experience help customersin the Asia-Pacific region to tackle AML/CTF challenges?
At AML Analytics, our core purpose is to provide our customers with a binary view of system performance for both sanction screening and transaction monitoring systems. The systems we test form a significant part of a RegTech strategy implemented by financial institutions across the Asia-Pacific region. Our experience at the coal-face of the RegTech industry and our ability to identify, understand and provide solutions to customers is a partnership between the expertise of our team and our unrivalled technology. This ensures that our customers are empowered to make better system decisions, allowing for greater technology-driven risk mitigation.
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