Monday, October 14, 2019
The Cost of Anti-Money Laundering Compliance in Asia Pacific Region Increased 10% in Past 24 Months, Finds Study by LexisNexis Risk Solutions
  SocialTwist Tell-a-Friend  

HONG KONG and ATLANTA, June 17, 2019 /PRNewswire/ --  LexisNexis ® Risk Solutions today released its latest APAC (Asia Pacific) survey, The True Cost of Anti-Money Laundering (AML) Compliance: Asia Pacific Edition. The report finds that AML compliance costs rose 9%  to 10% during the past two years with growth expected to continue at a similar rate over the coming year.

LexisNexis Risk Solutions

The report represents the views of decision makers within the financial crime function who oversee Know Your Customer (KYC) remediation, sanctions monitoring and/or AML transaction monitoring at banks, investment firms, asset management firms and money services bureaus across Indonesia, Malaysia, Singapore and the Philippines.

Key findings of the True Cost of Anti-Money Laundering Compliance: Asia Pacific Edition survey:

  • True cost of AML: Midsize to large financial firms in Indonesia, Philippines and Singapore (assets totaling greater than $10 billion) have significantly larger annual average compliance outlays than smaller firms, ranging from $11.95 to $13.93 million  for larger firms and $1.18 to $2.08 million  for smaller firms.
  • High labor costs: Labor represents a sizeable portion of AML compliance spend, which drives higher costs at larger firms. As a result, these firms are implementing labor-related steps to address the impact of non-bank payment providers and systemic risks, including enhanced training and controlling operations screening hours.
  • Limited use of new technologies: Despite the labor-intensive nature of the AML function within financial firms, the report reveals limited use of newer technologies across smaller and larger firms in the region.

The study reveals that business de-risking is a top driver for AML functions among financial institutions in the APAC region, though significantly more Indonesian firms (78%) place it as a leading driver compared to those in other markets.

"As compliance regulations grow in complexity and translate into more alert volumes, it will become increasingly difficult for APAC financial firms to keep pace, manage false positives and avoid non-compliance issues,"   said Thomas C Brown, senior vice president, US Commercial Markets and Global Market Development at LexisNexis Risk Solutions. "However, technology can ease the burden of effectively managing the impact of AML compliance on the business. It's not just about managing direct costs, but also the indirect and opportunity costs that are historically harder to measure, such as those associated with lost prospects and future revenues linked to delays at onboarding."

"Financial executives who face personal liability for non-compliance can be wary of foregoing human input with regard to risk decisions," said Douglas Wolfson, director, Market Planning at LexisNexis Risk Solutions. "However, aligning humans with technology to help compliance teams analyze existing data, have access to other external information and make decisions from a more holistic view of the customer can result in a more effective means of preventing financial crime over the long term."

Download a copy of the detailed report HERE.

About LexisNexis Risk Solutions
LexisNexis ® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX  (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers across industries. For more information, please visit,  and

Yuri van der Leest
+852 3655 0504

Logo -


More News by PR Newswire India

Maruti Suzuki Arena Devils Circuit Season 2019-20 Draws Over 6K Runners in Hyderabad

Quectel Achieves Industry's First 5G Data Call over 5G mmWave Module

Artprice by Artmarket: The Gagosian's Grand Projects for the Late Simon Hantaï (1922-2008)

Ryan International Group of Schools Receive India's Most Respected Brand Award 2019

JD Institute Of Fashion Technology, South Announced its New Domain

VeChain Is Leading Co-sponsor of GDST Seafood Trackathons

The World's Largest Automakers, Along with MOBI, Announce a Joint Proof of Concept for the First Vehicle Identity on Blockchain

Indiannica Learning Announces the Launch of Indiannica Quiz League

Third Annual Convocation Ceremony Will be Celebrated in Apex Professional University

An Encounter of Two Icons: Tic Tac® Meets Coca-Cola®

Birlasoft to Accelerate Invacare's Business Transformation Journey Signs US$ 240 mn, Multi-year Deal, to Provide Complete IT-as-a-Service (ITaaS)

Bali Zoo Celebrated Tumpek Kandang Ritual for all its Resident Faunas

Nitin Mantri Becomes ICCO President

DMCC Awarded 'Global Free Zone of the Year' for a Record Fifth Consecutive Year

Apex Professional University Signed MoU with Life Science Sector Skill Development Council

Find TVU Networks at Broadcast India 2019

UAE and UNESCO Renew Partnership, Extending Efforts to Restore Historic Churches in Mosul

Over 70,000 Visitors, SR2m Falcon Sales on First Day of Riyadh Exhibition

The First Huion Tablet of Inspiroy Dial Series, Q620M was Unveiled at Hong Kong Electronics Fair

ZEISS showcases next-level eye care digitalization at AAO 2019

On Your Marks: 2019 Xi'an Yango International Marathon Starts 20 October

Autodesk Fusion 360 Tools Enable Social Hardware to Advance Design of Prosthetics

Bionik Gold Knee- A New Lease of Life for Young Arthritis Patients

Joy Forum19 to boost Saudi entertainment sector

Dutch royals on five day state visit to ...
Sourav Ganguly set to be new BCCI Presid...
Expulsion of six varsity students who wr...
Modi crosses 30 million followers on Ins...
We enjoy freedom living in India, says T...
Those in power in Hry will be in Opposit...
 Top Stories
Global talent hunt program launched... 
PUBG rival Fortnite has been down f... 
Australia PMO accidentally sends se... 
Bhumi learnt Haryanvi from mom for ... 
Gauff youngest WTA title winner in ... 
Sienna Miller hated dating... 
Odisha's Gopalpur port receives its... 
4 national-level hockey players kil...