Chin Yong Kwek, Associate Managing Director of Business Intelligence & Investigations practice at Kroll, a division of Duff & Phelps, discusses the rising cost of compliance in the region on The ASEAN Post. Following the 1MDB scandal, there is more scrutiny on transactions and banks are strengthening efforts to conduct due diligence on customers.
“Banks are now carrying out more enquires related to Know Your Customer (KYC) and finding out the sources of their clients’ wealth – especially those with over SG$10 million (US$7.3 million),” said Chin Yong.
Read the full article here.
