Financial crime regulation in Southeast Asia and Australia is becoming stricter, with regulators introducing clearer frameworks and stronger enforcement. Authorities are responding to threats such as scams, illegal gaming, and cross-border laundering, while the Financial Action Task Force (FATF) is conducting evaluations of major Asian members under updated standards.
SymphonyAI, which offers AI SaaS solutions, recently delved into the changing compliance landscape of the region.
Singapore’s $3bn money laundering scandal has been a catalyst for action. The Monetary Authority of Singapore (MAS) imposed nearly S$30m in fines on nine firms, alongside sanctions for employees who mishandled risky customers. MAS guidance now requires deeper scrutiny of customer risk, stronger checks on source of wealth, proactive sharing of red flags, and stricter post-reporting risk management.
Scam prevention has also emerged as a central theme, SymphonyAI said. Regulators in Singapore, Malaysia, the Philippines, and Australia have set up national scam centres to boost real-time information sharing. Industry players are being required to act swiftly on shared intelligence, with mandates for real-time monitoring, biometric checks, advanced authentication, and stronger customer alerts.
In Australia, AUSTRAC is leading sweeping AML reforms due by 2026. Both existing regulated entities and new sectors such as lawyers, accountants, real estate firms, and jewellers are being brought under the framework. AUSTRAC has stressed that while perfection is not expected immediately, firms must act now to reduce risks.
Financial institutions are being urged to modernise compliance with real-time data and automated monitoring. SymphonyAI, a domain-trained AI specialist, is among those supporting firms with advanced tools to strengthen financial crime detection and compliance.
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