DBS CEO Highlights Challenges in Wealth Management Surveillance
DBS has underlined the difficulties in tracking financial flows within wealth management after recent scandals in Singapore.
Call for Enhanced Cross-Border Cooperation
“Global transaction surveillance remains a challenge,” said Tan Su Shan, CEO of DBS, during the bank’s third-quarter earnings call.
Tan Su Shan emphasized that banks often only observe transactions directly between themselves and other parties, complicating the detection of illicit flows. Major financial scandals typically involve multiple countries and jurisdictions, necessitating coordinated international efforts to trace and verify transactions.
Additional Financial Insights
- Faster payment systems could release funds equal to 2.3% of the UK’s GDP, according to fintech company Navro.
- The long-serving CEO of Lloyds has recently returned to the banking sector.
- Boston Consulting Group reports that artificial intelligence may help banks counteract margin pressures and escalating operational costs.
- Many banks are increasingly voicing concerns regarding the rising levels of customer compensation claims.
Summary
The complexity of monitoring global wealth management flows demands stronger international collaboration to effectively address financial scandals and operational challenges.
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