The Asia-Pacific region has made impressive strides in the AML/CFT sphere resulting in record fines for breaches of AML laws, aggressive enforcement resulting in e.g. the revocation of banking licenses, and successful prosecutions of individuals involved in misconduct in the context of the 1MDB global investigation.

Is doing business in Asia therefore becoming harder or easier for banks and businesses? Can other regions learn from Asia’s success?

This session will deal with:

  • A broad overview of the AML/CFT regimes and regulatory environment in Asian-Pacific countries including Singapore and China and how Asian-Pacific countries have strengthened AML/CFT enforcement and whether there is further scope to enhance such powers;
  • The challenges presented by AML/CFT in the Asia-Pacific region for businesses/banks including disparities in AML/CFT regimes and the role of the Asia/Pacific Group on Money Laundering and the Asian Development Bank;
  • The interaction and influence of international AML standards and how other jurisdictions could learn from the successes of the Asia-Pacific region;
  • Civil/criminal liability of financial intermediaries for violation of their AML duties; and
  • What the future holds for AML/CFT enforcement, including regimes to cover blockchain technologies and decentralised finance (e.g. Singapore’s introduction of the Payment Services (Amendment) Act 2021).