Self regulation
Approximately 190,000 professionals work in the AML field in China's banking, insurance and securities sectors, but most of them are new to the field, according to a report published by the PBOC, which acts as the banking regulator in China.
Crucially, however, self-regulation is a growing trend as companies acknowledge the benefits that can accrue from being seen as squeaky clean.
Research undertaken in 2013 by the consultancy services provider A.T. Kearney, which conducted in-depth interviews with compliance executives at 40 top companies worldwide, showed that most of the interviewees said they expect to expand their compliance systems. Furthermore, 57 percent of those interviewed said they will most likely seek external help, especially in staffing departments with experts in issues such as anti-corruption, data protection and product safety.
"Today's regulatory pressure doesn't stop with the external authorities. Many firms understand that compliance can lead to a competitive advantage and are making their suppliers commit to compliance standards that go far beyond those required by law," said the report.
Contact the author at wuyiyao@chinadaily.com.cn
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 130349 
