The financial services industry is facing more rules – and harsher consequences than ever before if they fail to observe them – notably in complying with anti-money laundering (AML) regulations for know your customer (KYC).

In Singapore late last month, the UK Prime Minister David Cameron warned there was “no place for dirty money” in Britain, that his government would address ways to make property ownership and bidding for government contracts by foreign companies more transparent. “We want {to be} the most open country in the world for investment,” he noted, but the UK must not become “a safe haven” for corrupt money from around the world.

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