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FraudAugust 29 2023

Fragmented UBO rules in Asia-Pacific complicate financial crime fight

Risks facing banks whose businesses straddle highly regulated home markets and countries with ill-defined rules and lower transparency standards are growing. James King reports.
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Fragmented UBO rules in Asia-Pacific complicate financial crime fightImage: Getty Images

Fragmented ultimate beneficial ownership (UBO) 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 economies keep aligned with global standards. 

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