Challenges, priorities and trends in AML in Asia Pacific revealed in new report

NICE Actimize and Regulation Asia have published their AML Tech Barometer 2023 report to explore anti-money laundering (AML) and fraud trends based on survey and interview data collected from 289 practitioners in the Asia Pacific region.

In the wake of the geopolitical and economic instability of 2022, the report looks at how Asia Pacific financial institutions are viewing their financial crime risk management capabilities as they prepare for 2023.

Trends and challenges

The report explores AML and fraud trends, how financial institutions are leveraging artificial and machine learning, a renewed focus on transaction monitoring, and other advanced technologies implemented to combat emerging threats.

It also looks at challenges practitioners experience in key AML functions; financial crime and technology priorities for the year ahead, and trends in suspicious transaction reports to identify thematic areas of concern for both financial institutions and regulators.

TBML guidance

Interviews with the Hong Kong Monetary Authority, Australian Transaction Reports and Analysis Centre (AUSTRAC), Financial Services Agency of Japan, and RUSI’s Centre for Financial Crime and Security Studies also feature in the report.

The interview with AUSTRAC’s national manager regulatory operations, Brad Brown, discusses the Australian financial intelligence agency’s continued release of guidance materials, including TBML guidance targeted at trade finance providers published late last year (Trade-based Financial Crime, 16 December 2022).

The AML Tech Barometer 2023 report can be requested from here.


Categories: Trade Based Financial crimes News

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