Talent crunch, patchy compliance at banks chinks in Singapore’s money laundering armour
A shortage of skilled compliance professionals and lack of consistency among financial institutions are among the challenges
Add BT as a preferred source
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.
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Rare brutalist Singapore house opens to the public before changing hands
