Singapore businesses are leading the Asia Pacific (APAC) region in compliance screening assurance, according to a recent report by LSEG Risk Intelligence. The survey, which included 600 senior decision-makers across APAC, revealed that 96% of Singaporean organisations can easily produce a complete audit trail when challenged by regulators, surpassing Australia, Japan, and Hong Kong.
The report highlights Singapore’s robust preparedness for regulatory scrutiny, with 72% of respondents feeling “very prepared” for closer reviews. This is the highest percentage among the surveyed APAC countries. Additionally, 98% of Singaporean leaders expressed confidence in the completeness and currency of their screening data, with 64% being “very confident.”
Singapore’s strong performance is attributed to its reliance on both internal and external data. A significant 86% of respondents rated their data as strong, compared to 70% across APAC. Moreover, manual verification remains a critical component of the screening process, with 74% of Singaporean organisations frequently double-checking results against other sources.
Despite advancements in artificial intelligence (AI) for screening, human oversight remains crucial. In Singapore, 44% of respondents emphasised the importance of human review in AI-supported screening processes, slightly ahead of the need for high-quality data.
The findings underscore Singapore’s commitment to maintaining rigorous compliance standards, setting a benchmark for other APAC countries. As regulatory environments become more stringent, Singapore’s approach could serve as a model for enhancing compliance frameworks across the region.
