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The Cost of Anti-Money Laundering Compliance in Asia Pacific Region Increased 10% in Past 24 Months, Finds Study by LexisNexis Risk SolutionsHONG KONG and ATLANTA, June 17, 2019 /PRNewswire/ -- LexisNexis® Risk Solutions today released its latest APAC (Asia Pacific) survey, The True Cost of Anti-Money Laundering (AML) Compliance: Asia Pacific Edition. The report finds that AML compliance costs rose 9% to 10% during the past two years with growth expected to continue at a similar rate over the coming year. The report represents the views of decision makers within the financial crime function who oversee Know Your Customer (KYC) remediation, sanctions monitoring and/or AML transaction monitoring at banks, investment firms, asset management firms and money services bureaus across Indonesia, Malaysia, Singapore and the Philippines. Key findings of the True Cost of Anti-Money Laundering Compliance: Asia Pacific Edition survey:
"As compliance regulations grow in complexity and translate into more alert volumes, it will become increasingly difficult for APAC financial firms to keep pace, manage false positives and avoid non-compliance issues," said Thomas C Brown, senior vice president, US Commercial Markets and Global Market Development at LexisNexis Risk Solutions. "However, technology can ease the burden of effectively managing the impact of AML compliance on the business. It's not just about managing direct costs, but also the indirect and opportunity costs that are historically harder to measure, such as those associated with lost prospects and future revenues linked to delays at onboarding." "Financial executives who face personal liability for non-compliance can be wary of foregoing human input with regard to risk decisions," said Douglas Wolfson, director, Market Planning at LexisNexis Risk Solutions. "However, aligning humans with technology to help compliance teams analyze existing data, have access to other external information and make decisions from a more holistic view of the customer can result in a more effective means of preventing financial crime over the long term." Download a copy of the detailed report HERE. About LexisNexis Risk Solutions Yuri van der Leest Logo - https://mma.prnewswire.com/media/494562/LexisNexis_Risk_Solutions_Logo.jpg
SOURCE LexisNexis Risk Solutions |