14 November 2023
Stefanie Yuen Thio quoted in Lianhe Zaobao: 反洗黑钱意识虽提高 企业筛查客户力不从心
Features Stefanie Yuen Thio
Stefanie was quoted by Tan Chee Yun in Lianhe Zaobao on the limitations of KYC checks, in light of the recent money laundering bust in Singapore (p.3).
The article included Stefanie’s comments that no KYC process can be foolproof, and that KYC processes have become more complex and detailed in the past few years. If it is taken to such an extreme that everyone is treated like a potential criminal, it may block legitimate transactions or load businesses with excessive compliance costs.
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