Next-generation Compliance: Ensuring the Integrity of Digital Banking in Asia

In recent years, the financial services industry has digitized rapidly, with transactions becoming speedier and more efficient. This transformation has mostly been a positive development for financial services providers and their customers. However, as the industry landscape has changed, illicit activity has moved in tandem. Put simply, just as it is much easier to complete certain legitimate financial transactions online than at the retail outlet of a bank, financial crime now happens just as quickly.

Published: September 2020

Report Description

Banks and regulators have both striven to stay ahead of this digitized financial crime. It is imperative to do so to ensure that customer trust is maintained. Customer trust is essential to ensure the integrity and indeed basic functionality of the financial-services industry, for both incumbents and new players. Within the Asia-Pacific region, Singapore, Hong Kong, Malaysia, and Australia are all grappling with the challenges posed by the digitization of finance and financial crime. They all share a common goal: mitigate risks posed by financial crime as digital banks enter the financial sector.

Under this scenario, managing financial crime compliance risk requires a proactive and digitally adroit approach. Having a strategy and subsequently moving compliance to the cloud is advisable. A unified cloud-based platform is ideal for its ability to adequately safeguard the assets of financial institutions while fulfilling regulatory requirements, without causing disruption to customers.

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Next-generation Compliance: Ensuring the Integrity of Digital Banking in Asia Report Details

  • Number of Pages: 18
  • Number of Tables & Charts: 0

Table of Contents

  • Executive Summary
  • A Financial Industry in Flux
  • Financial Crime in Singapore, Hong Kong, Malaysia, and Australia
  • Conclusion