Anti-money laundering compliance costs Asia banks US$1.5b a year: report

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.

Chrisol Correia, director of international AML compliance at LexisNexis Risk Solutions, told The Business Times: "In the aftermath of the closure of BSI Bank, the Singapore government announced another decisive anti-money laundering measure in the streamlining of its regulatory enforcement framework …