Apac banks call for regulatory push on AML tech

“Regulators have got to stop being okay with how things currently are,” says Barclays financial crime head

Support for new approaches to tackle money laundering have a long way to go among Asia-Pacific lenders, with banks fearing that without a push from local regulators, they might never get there at all.

High profile cases such as the 1MDB scandal, coupled with an uptick in the frequency and severity of fines for noncompliance, have made scrutiny of financial firms’ AML controls a higher priority among regional regulators. But fines and scrutiny alone don’t seem to be enough to part banks from