Reuters: Banks Urged to Use Technology to Screen for PEPs Amid Rise in Fund Flows from Hong Kong to Singapore

Friday, September 6, 2019

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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Joseph M. Quiazon, Managing Director | Head of Financial Crime Compliance, APAC

Joseph M. Quiazon is a Managing Director and Head of Financial Crime Compliance based in Exiger's Hong Kong office. He has worked extensively throughout the APAC region as an executive leader with over 25 years of financial crime risk experience, having held senior leadership roles as a Managing Director with Standard Chartered Bank, as a Partner with Ernst & Young, and as the former Asia Pacific practice leader on KPMG's Global AML Group.

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