Asia banks urge watchdogs to approve more fintech

Unlike most analysts, Brian Tan, an economist at Nomura in Singapore,.doubts that the Monetary Authority of Singapore (MAS) will tighten policy next year.

HONG KONG: Regulators need to do more to allow new technologies that could help in the fight against money laundering, as financial institutions are struggling with ever-growing compliance costs, an Asia finance industry group said.

Banks have been slapped with vast sums for not preventing money being laundered through their accounts, and the call for action comes after Commonwealth Bank of Australia last week was fined a record US$530mil for breaching money laundering and terror financing laws.