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Study Reveals Annual Cost of Financial Crime Compliance Totals $45 Billion in Asia Pacific

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True Cost of Financial Crime Compliance Study Reveals Organizations Prioritizing Cost Reduction While Ensuring Regulatory Adherence

Financial crime compliance costs have risen for 98% of APAC financial institutionsEighty-one percent (81%) of financial institutions prioritize cutting compliance costs in next 12 monthsCriminals are adopting cryptocurrencies and AI techniques for illicit activities

HONG KONG, March 6, 2024 /PRNewswire/ — LexisNexis® Risk Solutions released the findings of its latest True Cost of Financial Crime Compliance Study – Asia Pacific. The commissioned study conducted by Forrester Consulting reveals that financial crime compliance costs increased for 98% of financial institutions in 2023. The total cost of financial crime compliance in the APAC study countries has reached U.S.$45 billion.

Financial institutions (FIs) are seeking ways to reduce costs while complying with regulations, with 39% identifying the escalation of financial crime regulations and regulatory expectations as the primary factor driving increases in compliance costs. Eighty-one percent (81%) of FIs are prioritizing compliance program cost cutting in the next 12 months.

The intensifying challenge of keeping up with the complex sanctions environment is leading financial institutions to confront a growing screening workload, resulting in an increase in the number of screening alerts at 79% of organizations.

Key findings from the study:

Technology costs are driving increases in expenses for financial institutions, emphasizing the substantial investment required to meet stringent compliance requirements. Specifically, 70% of organizations noticed rises in technology costs related to compliance/know-your-customer (KYC) software, while technology costs associated with networks, systems and remote work have increased at 74% of FIs.Seventy-five percent (75%) of APAC institutions cited labor costs as a primary driver of cost escalation. This emphasizes the investment needed in highly qualified compliance professionals to effectively address and fulfill stringent compliance requirements. Cryptocurrencies, digital payments and AI technologies are emerging as tools for illicit activities. Organizations are grappling with the impact of these sophisticated criminal methodologies within an already complex regulatory landscape. When asked about the types of financial crime, FIs had observed significant increases of more than 20% in the past 12 months, with 23% having identified financial crime involving cryptocurrencies, while 23% reported heightened use of artificial intelligence (AI).

“The cost of financial crime compliance is clearly rising for financial institutions across APAC which is being felt by teams across the compliance workflow,” said Matt Michaud, Global Head of Financial Crime Compliance at LexisNexis Risk Solutions. “Skilled in-house compliance teams are essential, but businesses should be actively seeking ways to reduce labor costs while improving compliance efficiency. Criminals adapt quickly and FIs require a partner with advanced tools, data and analytics to not only keep pace but to stay ahead.”

The True Cost of Financial Crime Compliance Study – Asia Pacific compiles responses from 271 senior decision-makers responsible for financial crime compliance at financial institutions in the APAC region including Australia, China, India, Japan and Singapore. It highlights key pain points related to the cost, current state and challenges presented by financial crime compliance operations.

Recommendations for combating financial crime:

Balance compliance effectiveness with customer experience. Financial institutions are grappling to acquire and retain customers in the digital era. The winners will be those that can deliver seamless customer onboarding and transaction experiences. Striking a balance between customer experience and financial crime compliance efficiency involves streamlining KYC and onboarding processes, reducing false positives and allowing legitimate transactions to proceed without inconveniencing the customer.Embrace new technologies to counter emerging financial crimes. Criminals are increasingly using new technologies for their activities. In addition to deploying advanced AI- and ML-based compliance models, financial institutions should leverage privacy-preserving technologies and advanced analytics to swiftly identify new crime patterns to outpace cybercriminals and counter sophisticated financial crime.Employ compliance tools and analytics to manage costs and enhance efficiency. Labor costs rank highest in financial crime compliance spending. While in-house compliance teams with expertise are crucial, partnering with an experienced and proven technology provider will alleviate some labor costs and enhance compliance efficiency. To identify the right partner, organizations should focus on their future-fit capabilities, including proven expertise in digital financial services, ease of integration, robust data management, advanced analytics, lightweight software-as-a-service deployments and the ability to balance effectiveness with customer experience.

Download the latest True Cost of Financial Crime Compliance Study – Asia Pacific.

Methodology
Forrester conducted a global online survey of 1,181 senior decision-makers at financial institutions to evaluate the cost, current state and challenges presented by financial crime compliance operations. The study began in May 2023 and was completed in June 2023. Two hundred and seventy-one (271) survey participants were from APAC, including Australia, mainland China, India, Japan and Singapore. The survey asked participants about organizational priorities, exposure to financial crime activities, financial crime spending and factors driving an increase in financial crime costs, challenges in compliance screening operations, the benefits of financial crime operations and future implementation plans.

About LexisNexis Risk Solutions 
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit risk.lexisnexis.com and www.relx.com.

Media Contact:

Sophia Kong
+852 96064411
sophia@montiethsprg.com.hk

Joyce Lee
+852 9883 9321
joyce@montiethsprg.com.hk

 

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Acer Debuts on Dow Jones Sustainability World Index 2024

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Representing Top 10% of the largest 2,500 Companies in S&P BMI on long-term economic, environmental and social criteria

TAIPEI, Dec. 23, 2024 /PRNewswire/ — Acer Inc. (TWSE: 2353) announced its debut on the Dow Jones Sustainability (DJSI) World Index 2024, which comprises of the global sustainability leaders identified by S&P Global’s Corporate Sustainability Assessment (CSA). The DJSI World Index represents the top 10% of the largest 2,500 companies in the S&P Global Broad Market Index (BMI) based on long-term economic, environmental and social criteria.

At the same time, Acer was listed on DSJI’s Emerging Markets Index for the 11th consecutive year in 2024, ranking among the top companies in the THQ (Computers & Peripherals and Office Electronics) industry and scoring in the 100th percentile with full marks across various components: Transparency & Reporting, Materiality, and Customer Relationship Management.

Acer’s commitment to making a positive impact on environmental sustainability includes joining the RE100 initiative, setting the goals to source 100% renewable electricity by 2035 and to achieve net zero emissions by 2050. In 2023 the Acer Group sourced 48% renewable electricity worldwide, with 100% renewable electricity sourced in multiple countries. Acer’s efforts have been recognized in growing capacity by global sustainability accolades and indices throughout 2024:

Listed among TIME’s World’s Most Sustainable Companies.Listed in the MSCI ESG Leaders Indexes for the 11th consecutive year, garnering the best rating of “AAA”[1] that represents the top 15% in the category of technology hardware, storage and peripherals industry.Awarded Platinum medal for EcoVadis’ Sustainability Ratings for the third straight year, the highest tier of recognition representing the top 1% of rated companies[2] evaluated on sustainability across global supply chains based on four key themes: environment, labor and human rights, ethics, and sustainable procurement.A constituent of the FTSE4Good Emerging Index for the ninth consecutive year.In the subcategory FTSE4Good TIP Taiwan ESG Index[3] supported by the Taiwan Stock Exchange, which integrates ESG management practices and financial performances of companies, for the seventh year.

Acer continues to research and design climate-conscious solutions that serve both humanity and the planet, providing greener choices for a brighter future. Its eco-conscious offering includes computers and display products built with recycled materials and energy-efficient solutions, lifestyle products such e-bikes and e-scooters, energy storage solutions, along with award-winning packaging designs to contribute to the industry.

[1] MSCI ESG AAA Rating as of November 26, 2021, updated on December 10, 2024

[2] Ecovadis rating, August 2024

[3] First Taiwan domestic benchmark developed using FTSE ESG Ratings and data model, developed in partnership with Taiwan Stock Exchange’s (TWSE) wholly-owned subsidiary, Taiwan Index Plus Corp. (TIP)

About Acer

Founded in 1976, Acer is one of the world’s top ICT companies with a presence in more than 160 countries. As Acer evolves with the industry and changing lifestyles, it is focused on enabling a world where hardware, software and services will fuse with one another, creating ecosystems and opening up new possibilities for consumers and businesses alike. Acer’s 7,700 employees are dedicated to the research, design, marketing, sale, and support of products and solutions that break barriers between people and technology. Please visit www.acer.com for more information.

© 2024 Acer Inc. All rights reserved. Acer and the Acer logo are registered trademarks of Acer Inc. Other trademarks, registered trademarks, and/or service marks, indicated or otherwise, are the property of their respective owners. All offers subject to change without notice or obligation and may not be available through all sales channels. Prices listed are manufacturer suggested retail prices and may vary by location. Applicable sales tax extra.

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LG ACHIEVES 13TH CONSECUTIVE YEAR IN DOW JONES SUSTAINABILITY WORLD INDEX

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Only South Korean Company Recognized in Leisure Equipment & Products and Consumer Electronics Category for 13 Years

ENGLEWOOD CLIFFS, N.J., Dec. 23, 2024 /PRNewswire/ — LG Electronics (LG) has once again secured its position in the Dow Jones Sustainability World Index (DJSI World) for the thirteenth consecutive year. The DJSI World ranks the top 10 percent of the largest 2,500 global companies based on their economic, environmental, social, and governance (ESG) practices, serving as a critical benchmark for investors assessing corporate sustainability.

Notably, LG earned the highest overall score in the Leisure Equipment & Products and Consumer Electronics industry category. Furthermore, it remains the only South Korean company to be included in this category for 13 years running.

Additionally, LG has been included in the DJSI Asia Pacific (top 20 percent of the 600 largest companies in the Asia-Pacific region) and DJSI Korea (top 30 percent of the 200 largest companies in Korea) for 15 and 16 consecutive years, respectively.

LG received high evaluations across various ESG areas, including environmental policy and management, human rights management, human resource management, customer relations, supply chain management and product responsibility management.

Under the ESG management vision of Better Life for All, LG is carrying out various activities with the strategy of 3C for the planet (Carbon neutrality, Circularity, and Clean technology) and 3D for people (Decent workplace, Diversity & inclusion, and Design for all).

To achieve its 3C goals for the planet, LG has set ambitious targets, including reaching carbon neutrality in its product manufacturing process by 2030 and transitioning to 100 percent renewable energy by 2050.

Specifically, LG plans to reduce direct greenhouse gas emissions (Scope 1) and indirect greenhouse gas emissions (Scope 2) in the product production stage by 54.6 percent compared to 2017 levels. This will be accomplished through process improvements, the introduction of energy-saving technologies and the use of renewable energy. Notably, LG was the first company in the home appliance industry to obtain UN carbon credits in 2015.

In addition, LG is focused on reducing the unit greenhouse gas emissions of its seven major product groups (TVs, refrigerators, washing machines, dryers, home and system air conditioners, and monitors) by 20 percent compared to 2020 levels during the product use stage (Scope 3). This commitment involves various activities aimed at improving the energy efficiency of individual products, thereby reducing overall carbon emissions.

As a member of the UN Global Compact and the Responsible Business Alliance, LG complies with international human rights and labor standards and is enhancing its human rights management processes to respond to strengthening global ESG-related legislation.

In the ESG evaluation and rating announcement results published by the Korea Corporate Governance Service this year, LG received an overall A grade for four consecutive years. LG also received an A grade for five consecutive years in the ESG evaluation conducted by the global ESG evaluation agency Morgan Stanley Capital International, gaining recognition for its ESG management performance from credible domestic and international institutions.

About LG Electronics USA 
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $68 billion global innovator in technology and manufacturing. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, and vehicle components. LG is an 11-time ENERGY STAR® Partner of the Year. The company’s commitment to environmental sustainability and its “Life’s Good” marketing theme encompass how LG is dedicated to people’s happiness by exceeding expectations today and tomorrow. For more information, visit www.LG.com

Media Contacts:

LG Electronics USA

JL Lavina
jl.lavina@lge.com
www.LG.com 

Jennifer Tayebi
Jennifer.tayebi@lg-one.com
LGHAUS@lg-one.com

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CAS and PetroChina Shanghai Advanced Materials Research Institute announce a collaboration to accelerate new materials discovery and innovation

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SHANGHAI and COLUMBUS, Ohio, Dec. 23, 2024 /CNW/ — CAS, a division of the American Chemical Society specializing in scientific knowledge management, and PetroChina Shanghai Advanced Materials Research Institute Co., Ltd, a subsidiary of the world’s third largest oil company, China National Petroleum Corporation (CNPC), are collaborating for use of the CAS SciFinder Discovery Platform™ to accelerate research and discovery of new chemical materials.

PetroChina Shanghai Advanced Materials Research Institute Co., Ltd. was founded in 2021 to address key technological challenges in advanced chemical materials and drive a transformation of CNPC from a traditional refinery and petrochemical product provider to a more advanced and sustainable material provider. Its research focus includes high-performance engineering materials, high-performance polyolefin and elastomers, special catalysts, advanced membranes, fibers and composites, etc.

CAS, the creator of the world’s most comprehensive and authoritative curated scientific information resource, the CAS Content Collection™, which covers over 150 years of discoveries, provides content and knowledge management solutions and services that accelerate innovation. The CAS SciFinder Discovery Platform, an authoritative scientific technology solution, will enable the institute research scientists to discover more relevant information faster, identify and optimize synthetic routes through a full retrosynthetic analysis of known and undisclosed substances, and locate, compare, and understand scientific methods via the CAS Content Collection.

“We’re excited that PetroChina Shanghai Advanced Materials Research Institute will harness the CAS SciFinder Discovery Platform to accelerate their research and discovery initiatives. Combining the capabilities of this industry-leading CAS solution with the Research Institute’s expertise in material research will result in breakthroughs that bring advanced sustainable materials to the marketplace,” said Manuel Guzman, President of CAS.

PetroChina Shanghai Advanced Materials Research Institute, as a newly established innovation hub, aims to grow into a world-leading, multi-capabilities research institute that drives cutting-edge innovations, pilots industrial-scale technologies, provides technical services, and facilitates academic and value chain collaborations.

“We are very pleased to cooperate with CAS, who will be a strong partner in bringing their sophisticated scientific information solutions to facilitate and speed up our approach to advanced sciences and technologies in novel materials. We are looking forward to exploring more innovative ideas through our engagement with CAS,” said Xudong Huang, Vice President of PetroChina Shanghai Advanced Materials Research Institute.

About CAS

CAS connects the world’s scientific knowledge to accelerate breakthroughs that improve lives. We empower global innovators to efficiently navigate today’s complex data landscape and make confident decisions in each phase of the innovation journey. As a specialist in scientific knowledge management, our team builds the largest authoritative collection of human-curated scientific data in the world and provides essential information solutions, services, and expertise. Scientists, patent professionals, and business leaders across industries rely on CAS to help them uncover opportunities, mitigate risks, and unlock shared knowledge so they can get from inspiration to innovation faster. CAS is a division of the American Chemical Society. Connect with us at cas.org.

About PetroChina Shanghai Advanced Materials Research Institute

PetroChina Shanghai Advanced Materials Research Institute, located in the Lingang Shanghai, was established in December 2021. It is a wholly owned subsidiary of China National Petroleum Corporation (CNPC) with innovation functions in fundamental research, product development, industrial-scale piloting, technical service and academic collaborations. The research areas cover a broad spectrum of novel chemical materials for the markets of electronics, medical, transportation and new energy. 

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