Throughout the Asia-Pacific region, local and regional banks have had to navigate a wave of new and more punitive regulations over the last decade. Notably, new AML mandates set by regulators to combat terrorist financing and other serious crimes now require banks to significantly enhance their transaction detection capabilities.
Operating in today's evolving regulatory landscape also demands the region's banks become more efficient in their compliance activities and have a greater capacity to stay up to date with the latest regulation without draining resources.
At the same time, the need to work with multiple different payment infrastructures, systems, and messaging formats is forcing banks to constantly update critical IT infrastructures and rely on complex operational processes. Continued reliance on these outdated legacy systems increases costs and inhibits the ability of these banks to deliver world-class services to their customers.