FII lobby sets out best practices to prevent money laundering

The number of employees working on KYC compliance in financial institutions rocketed from an average of 68 in 2016 to 307 in 2017

Industry body ASIFMA has come out with a report on best practices for anti-money laundering (AML) and Know Your Client (KYC) requirements in Asia.

The report proposes a set of best practices to harmonise and standardise the application of certain key areas of AML/KYC requirements in Asia, based on industry feedback from a focused workgroup of ASIFMA members, from both the buy and sell side. 

It focuses on nine areas that are jurisdiction-neutral, although the reference is largely drawn from industry consensus of best practices currently applied by members in Hong Kong and Singapore.  

Some recommendations are similar to Securities