"Respondents across Asia-Pacific tell us that training in many parts of the region is relatively unsophisticated, reflecting outdated legislation and lack of regulatory pressure," according to a global study by KPMG Forensic.
The study noted that 17 per cent of the respondents in the region said they provide training in anti-money laundering activities to less than 40 per cent of their employees. KPMG said although it was common for banks in India to provide training that met minimum regulatory requirements, the quality of training taking place in the region might need to improve to bring it up to international standards.
The study, conducted among 224 banks from 55 countries, found a marked shift in the attitude of senior management in India as well as Asia Pacific region with increasing interest and involvement of top officials in AML activities.
"With international banks bolstering their presence in emerging market economies, and with a low interest rate environment driving growth in alternative assets including hedge funds and private equity, the need for more stringent AML processes has only grown," KPMG India Head (forensic services) Deepankar Sanwalka said in a statement.
Banks would need to work extremely hard to maintain any advantage in the war against money laundering and terrorist financing, he said.
