Financial institutions are on the front line of a rapidly changing regulatory environment. While anti-money laundering (AML) has always been a regulatory concern, it is quickly climbing the political, regulatory, and business agenda internationally and has become a key area of focus.
With AML regulators worldwide ramping up oversight in their jurisdictions, financial institutions are under growing pressures to develop and implement a robust and effective AML compliance programme that is consistent with industry leading practices and meet local regulatory expectations.
Currently, three issues are having a significant impact on AML compliance developments within Chinese financial institutions:
Financial institutions operating in the country need to keep pace and anticipate any regulatory changes in order to strategically develop an effective and sustainable AML compliance programme that is consistent with international standards.
As China’s regulatory landscape continues to evolve, financial institutions that act now and are proactively preparing themselves for the future will benefit the most.