Talent crunch, patchy compliance at banks chinks in Singapore’s money laundering armour

A TALENT shortage and inconsistent treatment among financial institutions in enforcing the rules are the main gaps that Singapore has to address to boost its standards of compliance with anti-money laundering (AML) standards, industry watchers have said.

Singapore has a robust compliance system, seen by the industry as being on a par with global standards, but the supply of talent in compliance roles is not matching up to the growing demand for such skills, they said.

Another key issue is in ensuring that the controls are implemented consistently and effectively.