Asian banks 'lagging in AML efforts'


As a result, leading global banks are already cutting off relationships with correspondents in Asia. "But a new wave of enforcement will put pressure on regional regulators to increase their own supervisory activities. As a result, Asia's banks need to take AML more seriously and invest accordingly," says Jaffe.

He says local banks are not clear on what they are supposed to do, and have found it is not in their best interest to be proactive. There is also little understanding of the penalties of

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