Financial Stability, Governance, News, Regulation & Supervision, Uncategorized

Differing UPO rules in APAC region weigh on banks

By James King
Image via Getty

Fragmented ultimate beneficial ownership rules across Asia-Pacific are complicating banks’ cross-border business activities and increasing the cost of their financial crime compliance measures.

Several jurisdictions have expanded the scope of their UBO frameworks in recent months, which look to uncover the ultimate beneficiary of a transaction as the region’s advanced ...

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