The survey found that 64 percent of the 90 finance industry professionals surveyed said they were concerned with increased AML and CTF reporting requirements, following the heightened regional regulatory push to clamp down on money laundering.
This compares with 58 percent when a similar poll was conducted in 2014.
“Often prompted by Financial Action Task Force inspections, most authorities in the Asia Pacific region now have a key focus on the main money laundering risks, and they continue to identify and investigate a greater number of money laundering cases,” said Michael Thomas, North Asia director at Wolters Kluwer Financial Services.
“In tandem with these developments governments are starting to introduce AML laws which means institutions have to take reporting more seriously than ever before.”
As a result, there is increased demand for the limited pool of trained AML specialists, with 56 percent of respondents citing that as their second most important challenge in AML compliance. This compares with 46 percent in 2014.
