The Know Your Customer Limited team attended the Fraud and Financial Crime Asia 2025 forum in Singapore, a key event that brought together industry leaders and experts to address the challenges of financial crime prevention, particularly in the context of business KYC (Know Your Customer), KYB (Know Your Business) and business verification in Singapore.
1. Reinforcing Trust in Financial Systems
Aileen Yap, Assistant Director, Anti-Scam Command, Commercial Affairs Department at the Singapore Police Force, emphasised the urgent need to rebuild trust in banking systems. With rising fraud cases, it is crucial for business KYC processes to adapt to regulatory scrutiny. This involves enhancing transparency and ensuring that businesses verify the identities of their partners and clients thoroughly and in a timely manner.
2. Navigating Complex Corporate Structures
Gordon Hook, Former Executive Secretary of APG, discussed the challenges posed by complex corporate structures and opaque ownership. Effective business KYC requires in-depth investigations into the legitimacy of entities, which helps prevent financial crimes such as money laundering. Organisations should implement robust verification frameworks to ensure compliance with regulations.
3. Innovative Technologies Against Fraud
Jeffery Lee, Managing Director and Group Head of Financial Crime Compliance at DBS Bank, highlighted the role of technology in combating fraud. Financial institutions are increasingly using innovative tools to enhance their business KYC processes, such as real-time data analytics and automated verification systems, which can significantly reduce the risk of identity theft and fraud.
4. Adapting to Emerging Threats
Discussions on Trade-Based Money Laundering (TBML) and shadow networks underscored the need for business KYC processes to evolve. As financial crime tactics become more sophisticated, businesses must adopt advanced analytics and monitoring systems to detect and mitigate hidden risks effectively.
5. Data Integrity and AI
Kent Chiu, Data Science Lead at OCBC, focused on the importance of data integrity within business KYC frameworks. High-quality data is essential for accurately assessing financial crime risks. Using AI and machine learning can enhance data analysis, enabling institutions to make informed decisions and improve compliance efforts.
6. The Need for International Collaboration
A recurring theme was the necessity of cross-border cooperation in combating financial crime. Financial institutions must collaborate to strengthen business KYC efforts and share intelligence. This collective approach enhances the overall effectiveness of fraud prevention strategies.
7. Addressing the Rise in Fraud Complaints
The forum highlighted the alarming increase in fraud complaints across Asia, linking it to broader financial crime challenges. Businesses must evolve their business KYC procedures to tackle these challenges effectively, ensuring robust verification processes that foster customer trust.
Conclusion
The insights gained from the Fraud and Financial Crime Asia 2025 forum provide a valuable foundation for organisations seeking to enhance their business KYC practices. At Know Your Customer Limited, we are dedicated to leveraging these insights to empower businesses in navigating compliance complexities and effectively combating financial crime.
Our real-time access to company registry data (recognised as the gold standard by the Hong Kong Monetary Authority) spans 140 countries, ensuring the accuracy of business KYC data through direct sourcing from company registries. This comprehensive approach not only enhances verification processes but also builds trust within the financial ecosystem.
By embracing innovative technologies and fostering collaboration among industry stakeholders, we can collectively strengthen the security of the financial landscape.
