White Paper

An in-depth read on the compliance requirements for money services businesses across the region

Executive Summary

Money changers live in a changing compliance landscape where national issues affect both laws and enforcement efforts. Anti-money laundering (AML) and counter terrorist financing (CFT) laws are the main compliance obligations for money changers, in addition to licensing requirements.

Indonesian money changers have to cope with growing enforcement of the local currency as legal tender amid tightening anti-terrorist enforcement. Thailand is determined to root out corruption and toughening its stance on enforcement of anti-money laundering measures. Malaysia faces market volatility and criticism in the lack of successfully prosecuted money laundering cases. India is facing growing repercussions of its bad loans from public bank which could make money changers a target for criminal activity.

Singapore is experiencing higher volatility in its currency and stricter enforcement action. Australia and New Zealand both face calls to initiate phase two reforms of money laundering and terrorist financing reforms. Hong Kong is caught up in the growing capital outflows from China as its economy slows down and greater financial penalties for money laundering.

This white paper is brought to you by Biz4x. After reading through this white paper carefully, money changers will have a better understanding of the pertinent regional issues that affect their business compliance and understand how a professional money changer software can help in navigating the tricky legal terrain of AML / CFT compliance.

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