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The potential for increased fund flows from Hong Kong to Singapore, translates to the need for local financial institutions in Singapore to demonstrate their ability to screen out would-be high risk customers potentially connected to money laundering or who are politically exposed.
Given the large influx of funds from high net worth individuals, and growing expectations with enhanced customer due diligence, firms will need to up their game and deploy purpose-built technology to keep pace.
Joseph Quiazon, Managing Director and APAC Head of Financial Crime Compliance at Exiger, speaks to Regulatory Intelligence at Reuters, adding: “If you are screening just one or two individuals, you can manage without technology. What if you have to deal with 2,000 to 3,000 individuals? That’s where you need to leverage technology”.
In response to recent events, Joseph notes: “Banks need to look into their book of business more closely to identify if there is a direct nexus to these global events. There is also a need for continuous adverse media monitoring of PEPs, which would be challenging to rely only on human efforts”.
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