AML compliance is a cost centre that needs to facilitate business, conference hears

Anti-money laundering (AML) compliance is a cost centre that must contribute to the bottom line at banking and financial institutions, said an industry official at a conference in Hong Kong on Wednesday.

"Let's be honest, compliance is a cost centre, but we have to facilitate business," said Stephen Chan, regional AML compliance officer for the Macquarie Group in Hong Kong. "How we do that within the scope of regulations, that is the difficulty of the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO)," he said. Read more ……

Compliance officers should anticipate disclosure and discovery requests, conference hears

Compliance and legal staff at banking and financial institutions should expect regulatory disclosure and litigation discovery requests, said lawyers at a Hong Kong conference. Browning Marean, senior counsel with law firm DLA Piper in San Diego, said institutions needed to have up-to-date record-keeping to ready themselves for potential lawsuits, regulatory investigations and enforcement actions. Read more ……

eDiscovery Evolving In Asia

This week, I attended and spoke at InnoXcell’s Asia eDiscovery Exchange. Jeffrey Teh at InnoXcell gathered a great group of speakers and an audience of active eDiscovery and investigatory professionals. Conferences are great when the audience asks hard questions and the attendees here certainly weren’t afraid to speak up. It is great to see the interest level in eDiscovery and Information Governance (IG) rising in Asia. Read more ……

Most frauds detected by accident, Hong Kong conference hears

Fraud schemes are usually detected by chance or through tips, while external audits only uncover fraud less than five percent of the time, according to an industry expert. Colum Bancroft, managing director for financial investigations at investigative firm Kroll in Hong Kong, also stressed that global anti-fraud and anti-corruption initiatives would continue to become more widespread in the coming years. Read more ……

Hong Kong's new AML law poses bank secrecy, correspondent banking challenges, conference hears

Hong Kong's new anti-money laundering (AML) statute has not altered the territory's suspicious transaction reporting (STR) requirements, but may pose cross-border bank secrecy problems, industry officials said. At a recent conference held in the territory, officials raised concerns as to what the month-old Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO) would mean for correspondent banking relationships." Read more ……

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