Thomson Reuters Looks to Grow APAC Footprint for AML/KYC
Compliance talent is thin in the region, hence why firms are looking to vendors for help.

According to Sanjeev Chatrath, managing director for financial & risk, Asia Pacific, at Thomson Reuters, Hong Kong- and Singapore-based financial institutions spend an average of $80 million and $38 million, respectively, on KYC and due diligence processes.
He tells WatersTechnology these costs are created from technology challenges, ongoing regulatory KYC obligations that vary from country to country, which also requires ongoing monitoring, availability of data, as well as the ultimate beneficial ownership.
Another factor affecting onboarding costs is the shortage of compliance talent.
"The demand for AML and KYC experts is high but the number of competent professionals in Asia is still low and organizations are in constant competition for the best talent. Four out of 10 financial institutions in Asia-Pacific reported that they lacked the necessary skilled resources to implement KYC-related changes effectively," he says.
This is helping to drive demand for firms like Thomson Reuters, he adds. "That said, regulators expect entities to embrace technology more effectively in order to drive automation. Leveraging smart systems and quality data is therefore an absolute integral part to cope with the requirements and ensure transparency and accountability," Chatrath says.
Tencent subsidiary Money Data recently chose Thomson Reuters to implement TR's World-Check Risk Intelligence web and software solutions to assist in Money Data's AML/KYC workflow. This is to help it comply with Hong Kong Monetary Authority (HKMA) requirements as part of being a stored value facilities (SVF) licensee. In August, Money Data was among five companies that were granted a SVF license by the HKMA.
World-Check is a structured database of politically-exposed persons and heightened risk individuals and organizations, globally. It helps identify threats as well as comply with legislation and regulations for preventing money laundering, terrorist financing, corruption, organized crime and third-party risk.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Regulation
Asic probe piles pressure on ASX to deliver Chess replacement
But market insiders think late intervention by regulators could even slow down implementation.
Stakes raised for UK bond, EU derivatives tapes after Ediphy clinches win
The pressure is on for TransFICC, Etrading, Finbourne, and Propellant Digital, who are still vying to provide the UK’s fixed income consolidated tape after Esma awarded the EU’s tape to Ediphy and its partners.
Doing a deal? Prioritize info security early
Engaging information security teams early in licensing deals can deliver better results and catch potential issues. Neglecting them can cause delays and disruption, writes Devexperts’ Heetesh Rawal in this op-ed.
SEC pulls rulemaking proposals in bid for course correction
The regulator withdrew 14 Gensler-era proposals, including the controversial predictive data analytics proposal.
Trading venues seen as easiest targets for Esma supervision
Platforms do not pose systemic risks for member states and are already subject to consistent rules.
The Consolidated Audit Trail faces an uncertain fate—yet again
Waters Wrap: The CAT is up and running, but with a conservative SEC in place and renewed pressure from politicians and exchanges, Anthony says the controversial database faces a death by a thousand cuts.
Exchanges plead with SEC to trim CAT reporting requirements
Letters from Cboe, Nasdaq and NYSE ask that the new Atkins administration reduce the amount of data required for the Consolidated Audit Trail, and scrap options data collection entirely.
EU banks want the cloud closer to home amid tariff wars
Fears over US executive orders have prompted new approaches to critical third-party risk management.