1MDB scandal fallout driving up regulatory costs for financial institutions in Asean, report finds

Compliance costs are on the rise in Southeast Asia as financial institutions and regulators continue to grapple with the fallout of 1Malaysia Development Berhad (1MDB) scandal, according to a report by global analytics provider LexisNexis Risk Solutions.

Financial executives in Asean expect their costs to meet global anti-money-laundering (AML) and sanctions regulations to increase by as much as 9 per cent this year, according to the True Cost of AML Compliance report.

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