On 16 October, the second APAC (the International Compliance Association) Conference was held in Singapore, and it is an important platform for the global compliance community, when The conference aims to meet the most important challenges on the compliance schedule and is a unique opportunity to connect with experts from 13 international countries.

So this year's conference included a content-rich program including bribery, corruption, anti-money laundering, technology and regulation.

During the two-day panel discussion and event, the participants reviewed the challenges and opportunities created by technology for the financial crime compliance community.

During the opening speech on the first day, Loo Siew Yee (AMD Policy, Payments & Financial Crime, MAS) invited specialists to commit to new methods and techniques to improve AML, Fighting the financing of terrorism CTF and risk mitigation strategies.

Ms. Lu commended the progress made by the industry in the past two years in the use of automation, data analysis and industrial intelligence to enhance the effectiveness and efficiency of controls.

Nevertheless, Lu cautioned financial institutions about the risks posed by the new patterns and that institutions should remain vigilant and cautioned and focused on continuing to develop a strong government, a strong awareness of risks in all areas of defense and effective controls.

In preparation for the licensing of the new Digital Payment Banana (DPT), Ms. Lo announced that MAS has begun to strengthen its supervisory and control capabilities to facilitate proactive detection of unlicensed DPT activities, and to use all “real-time” data to enhance ML / TF risk assessment of licensed entities

Ms. Lu added “Technological advances offer the promise of a more effective, efficient and inclusive financial sector, but present challenging and complex financial crime risks. This conference is an excellent chance to compare notes and share ideas as we make strides towards combating financial crime.”

Helen Langton (CEO of ICA) noted that the quality of the discussions for this year's APAC was tremendous.

It was driven by knowledge sharing and a great networking opportunity with counterparts from more than a dozen countries.

While we see emerging new technologies that continue to disrupt the global financial situation and regulatory landscapek ICA remains committed to strengthening standards, pushing meaningful conversations and preparing our cadres to meet future determinations - no matter what.