In the current context, a firm confident that it has no problematic customers is not enough. Regulators, and increasingly the broader public, expect financial institutions to be able to demonstrate that their systems, processes and procedures meet the highest international standards. Only the organizations with this capability will avoid possible censure and reputational damage.
This article is part of Wolters Kluwer's latest white paper titled "After the Panama Papers: Addressing emerging AML and KYC Challenges in Asia-Pacific".
Sign up for CIO Asia eNewsletters.