Distributors feeling the compliance strain
The funds industry in Asia is suffering due to regulatory pressure on product distributors and custodians around anti-money laundering and mis-selling, according to a recent survey.
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Fund distributors say they face unprecedented pressure from regulators keen on stamping out mis-selling and money laundering, which has made it difficult to even open a bank account for fund investment.
The rising regulatory burden represents the biggest challenge facing the asset management industry, said 45% of respondents to a recent BNP Paribas survey of retail banks, private banks and insurance firms.
The findings, presented at the BNP Paribas Investment Partners Asia-Pacif…
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