Markit: APAC’s regulatory rally cry for compliance

Hong Kong regulators are taking the lead and cracking down on compliance. Last week its Securities and Futures Commission revealed inadequate KYC procedures within banks for onboarding. The HKMA is also calling on banks to up the ante on money laundering checks for tax reporting. Regulatory expectations and standards continue to increase not just in Hong Kong but throughout Asia. So how are banks in the region supposed to keep pace?
Headcount has been the quick fix. Some banks have doubled

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