Anti-money laundering compliance costs Asia banks US$1.5b a year: report
Survey respondents expect cost to rise amid rising scrutiny of financial institutions and transactions
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Singapore
SOME US$1.5 billion per year has been spent in Asia for anti-money laundering (AML) compliance at banks, a recent study from LexisNexis Risk Solutions showed. And the cost is only expected to head higher amid rising scrutiny of financial institutions and their commitment to preventing illicit financial flows.
The Monetary Authority of Singapore (MAS) said in June that it would set up dedicated units to monitor money-laundering risks and boost enforcement action.
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